Gold Advanced As Traders Are Looking For Alternative Investment To Dollar

by on October 7, 2014 3:40 pm BST

Gold futures rose for the second straight day as the dollar’s decline boosted the metal’s appeal as an alternative investment.

Gold futures for December delivery gained 0.3 percent to $1,210.60 an ounce at 10:13 a.m. on the Comex in New York. Earlier, the price fell as much as 0.4 percent. Yesterday, the metal touched $1,183.30, the lowest for a most-active contract since Dec. 31.

Silver futures for December delivery climbed 0.1 percent to $17.235 an ounce. Earlier, the price reached $17.625, the highest since Sept. 29.

Dollar fell as much as 0.2 percent against a basket of 10 major currencies, erasing earlier gains, as yields eased on Treasury 10-year notes. Yesterday, the dollar slumped 0.9 percent, the most since Sept. 18, 2013, while gold climbed 1.2 percent, the most in two months.