23.07.201723:24:00UTC+00Gold Reaches 4-Week Peak Supported by Weaker Dollar, Equities

Gold prices reached a four-week peak earlier on Monday, buoyed by weaker equities and a drop in the dollar to new 13-month lows as a result of political uncertainty in the United States.

Spot gold was trading 0.1 percent higher at $1,255.92 an ounce. It reached a 4 week peak of $1,257.18 per ounce in early trade, having climbed 2.1 percent the previous week.

U.S. gold futures for August delivery were up 0.1 percent to $1,256.00 an ounce.

Hedge funds and money managers raised their net long position in COMEX gold for the first time in six weeks in the week to July 18, according to data from the U.S. Commodity Futures Trading Commission.

Gold demand in Asia deteriorated last week as a result of higher prices with a seasonal slowdown reducing the appeal of the precious metal in India, which is the world's second-largest consumer.