Gold rises with weakness of dollar

Gold prices steadied on Monday as the prospect of the Federal Reserve raising interest rates next year squandered the support provided by a weak dollar.

And gold settled in instant transactions at $ 1791.56 an ounce by 0709 GMT. And US gold futures rose 0.1 percent, recording $ 1,802.50.

The dollar index fell 0.2 percent, making the yellow metal less expensive for buyers from abroad.

Gold prices are trying to recover losses despite the Federal Reserve’s monetary tightening approach.

Gold posted its biggest weekly decline since mid-November on Friday after Federal Reserve Chairman Jerome Powell said the US central bank will continue to raise rates next year despite growing recession fears.

As for other precious metals, silver fell 0.4 percent to $23.12 an ounce.

Platinum fell 0.2% to $989.52, and palladium rose 0.7% to $1,725.38.