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Gold Prices Earn Reprieve as U.S. Dollar Weakens

By Gina Lee 

 

Investing.com - Gold prices rose Monday morning in Asia as the U.S. dollar weakened, earning a bit of a reprieve from falls last week. 

 

Gold Futures briefly topped the $1,500 mark, opening at $1,506.15 before settling in at $1,490.45 by 9:22 PM ET (1:22 GMT). 

 

The yellow metal is once again emerging as a safe haven even as the U.S. dollar surged to record highs last Friday. The greenback had challenged gold’s status. Gold usually moves in the opposite direction of the dollar. 

 

Gold also got some help from an early tumble in Asian equity markets, with investors still worried about the impact of the COVID-19 pandemic, which continues to spread. 

 

“This is definitely a sigh of relief for markets,” Simon Harvey, foreign-exchange market analyst at Monex Europe, told Bloomberg. “In this market nothing is taken for given, you have to take every day as it comes.”  

 

He noted that liquidity issues will continue to put upward pressure on the dollar. 

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