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2019.04.0907:21:00UTC+00Gold Holds Near One-week High On Dollar Weakness

Gold prices rose on Tuesday and hovered near their highest level in more than a week touched in the previous session, as the dollar sagged on the back of weak U.S. economic data and gains in commodity-linked currencies.

Spot gold rose 0.4 percent to $1,302.12 per ounce, after having touched an intra-day high of $1,303.61, the highest level since March 28, the previous day. U.S. gold futures were up 0.3 percent at $1,305.85 an ounce.

The dollar eased after last week's U.S. nonfarm payrolls data signaled a slowdown in wage growth and job cuts in the manufacturing sector.

On Monday, a report showed that orders for long-lasting factory goods fell in February after three straight months of growth.

Gold is also benefiting from speculation that a continued rise in oil prices will fuel inflation.

Meanwhile, minutes from the FOMC's March meeting will come out on Wednesday, with analysts looking for a dovish-biased statement.



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