Gold Climbs as Dollar Sinks to Near 8-Month Low

by Jan Harvey

LONDON, April 12 Gold rose to three-week highs on Tuesday as the dollar sank back to a near 8-month low, weighed down by expectations that the Federal Reserve will keep U.S. interest rates lower for longer.

The U.S. currency has been on the back foot since Fed Chair Janet Yellen last month doused expectations for near-term hikes in U.S. interest rates, lifting dollar-priced assets, such as gold.

Spot gold touched a high of $1,262.60 an ounce before easing back to $1,258.26 by 1350 GMT, little changed from late on Monday. U.S. gold futures for June delivery were up $2.60 an ounce at $1,260.60.

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