Gold Rises to Seven-Week High on Weak Dollar, Likely Rate Delay
- Bullion futures advanced in three of the past four weeks
- Odds for liftoff this year at 39%; climb to 61% for March
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Gold advanced to the highest in seven weeks, boosted as investor confidence in the dollar waivered amid doubts U.S. interest rates will rise this year.
Bullion rose in three of the past four weeks, rebounding from a five-year low in July, on speculation that the Federal Reserve will refrain from tightening monetary policy until next year. The chances of a rate liftoff in December fell to 39 percent on Monday, from 59 percent a month earlier, futures data show. While Fed Vice Chairman Stanley Fischer said on Sunday the U.S. economy may be strong enough to merit an increase by year-end, dollar investors shrugged off his comments as a gauge of the U.S. currency touched a three-week low.