Trump slump in dollar lifts gold price to 4-week high

New York (July 22)  On Friday, the price of gold finally caught up to a weaker US dollar lifting the metal to a four-week high.

Gold futures in New York for delivery in August, the most active contract, touched a high of $1,255.90, in brisk trade of more than 23m ounces.

Gold has clawed back $50 an ounce since July 10 following dovish comments by Janet Yellen, chair of the Federal Reserve, about the pace of interest rate hikes in the US.

Those comments coupled with the lack of progress on fiscal stimulus policy in Washington put pressure on the dollar which on Friday weakened to its lowest level since May last year.

Source: MIning.com