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Gold rises up on dollar weakness

The gold price has risen above US$1,330 per ounce as it once again took advantage of a weak US dollar to reach a fresh four-month high.
Gold rises up on dollar weakness Gold rises up on dollar weakness Gold rises up on dollar weakness Gold rises up on dollar weakness Gold rises up on dollar weakness

Gold has been rising over the past 30 days as the US dollar has been falling

Staff reporter

Sitting at $1,331/oz mid-morning UK time, gold has gained almost 7% over the past 30 days, according to analysts from BMO Capital Markets.

At the same time, the US dollar has been going the other way.

The greenback has "given up considerable ground against a basket of major currencies over the past 30 days", the analysts said. The low today has been around 91.31, a level not seen since September.

The dollar weakness comes ahead of US inflation data to be released later today.

The gold price rise had a positive impact on equities such as Newcrest Mining (AU:NCM), Randgold Resources (LN:RRS) and Polymetal (LN:POLY), which all posted gains as of mid-morning in the UK.

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