Bengaluru: Gold prices touched their highest in four weeks on Monday, supported by political uncertainty in the US that pushed the dollar to its lowest in over a year. The dollar struggled near a 13-month low against a basket of major currencies as US political woes dampened hopes for quick passage of Trump’s stimulus and tax reform agendas. More From Livemint »A weaker greenback makes dollar-denominated gold less expensive for holders of other currencies, while the metal is also used as an alternative investment during times of political and financial uncertainty. It earlier hit a four-week high of $1,257.18 an ounce, having risen 2.1% last week. Meanwhile, gold demand in Asia eroded last week due to higher prices, with a seasonal slowdown denting the lure for the precious metal in second-biggest consumer India.

Source: Mint July 24, 2017 06:11 UTC