Gold hits 6-month high

Gold prices hit a more than six-month high on Monday, firming above the $2,000 per ounce level, as a weaker dollar and expectations of an end to US interest rate hikes lifted demand, reports Reuters.

Spot gold was up 0.6 per cent at $2,013.99 per ounce by 1311 GMT, after reaching its highest since May 16 at $2,017.82. US gold futures also rose 0.6 per cent to $2,015.00.

The dollar eased 0.1 per cent against a basket of major currencies, hovering around a more than two-month low touched last week and making gold less expensive for holders of other currencies

"Gold is flying and to really explain it, is the fact that it's finally broken above $2,000 in a significant way," said Craig Erlam, senior markets analyst at OANDA, describing the move as "purely technical" and driven by last week's US inflation data and jobs report.

Gold prices are well above their 50-, 100- and-200 day moving averages and are around $60 away from August 2020's all-time high of $2,072.49.

Silver jumped 1.9 per cent to $24.76 per ounce, platinum edged up 0.1 per cent to $931.70 and palladium was up 0.9 per cent to $1,078.56 per ounce.