Gold Futures Edge Higher As Dollar Loses Ground

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Gold prices are modestly higher Monday morning as the dollar extended recent weakness in the Asian session with traders looking ahead to the upcoming monetary policy meeting of the Federal Reserve.

Higher U.S. futures that indicate a firm start for equities amid renewed optimism about coronavirus vaccine following resumption of stage III trials in the U.K. by AstraZeneca contributed to dollar’s weakness, but likely limited gold’s uptick as well.

The dollar index, which dropped to 92.99, is currently at 93.04, down 0.32% from Friday’s close.

Gold futures for December are up $4.20 or 0.22% at $1,952.10 an ounce.

Silver futures for December are rising $0.184 or 0.7% at $27.050 an ounce, while Copper futures for December are gaining $0.0142 or 0.47% at $3.0537 per pound.

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