Dollar fell to a 14-month low against euro on monday. At the same time, Gold reached the $1060 mark. Gold prices have been hovering between $1040, $1060 after hitting the record high of $1070 per ounce on October 14.
The news article is quoted as saying
Gold has gained on the dollar’s decline because a weaker dollar boosts investor interest in gold as a hedge and makes bullion cheaper for non-dollar holders, but buying momentum has lost some of its steam given weak jewelry demand and high prices spurring scrap sales.
