Gold Rises as Dollar Weakens

Gold prices rose, supported by a weak dollar, as market participants prepared for upcoming U.S. jobs data that could impact the course of the Federal Reserve's policy. Spot gold increased by 0.1 percent to $1,856.11, after reaching nearly a seven-month high in the previous session. U.S. gold futures also rose by 0.1 percent to $1,861.20. The dollar index fell by 0.1 percent, making gold priced in U.S. dollars more attractive to foreign investors. Brian Lan, a director at Singapore-based Gold Silver Central, stated, "Gold has had a good start this year, supported by a weak dollar and expectations that the Federal Reserve will slow the pace of interest rate hikes. Recession risks should support bullion this year." He added, "If the jobs data shows that interest rate hikes have impacted the economy, the dollar may weaken further, benefiting gold."