Gold Extends End-of-Year Rally, Set for Best Month Since August
- Bullion in favor as 2019 draws to close with the Fed in focus
- FOMC minutes due for release on Friday after three rate cuts
This article is for subscribers only.
Goldadvanced, heading for its best month since August, as the dollar weakened and funds plowed more money into exchange-traded funds backed by the metal.
The euro gained for a fourth day as the dollar declined against all its Group-of-10 peers, bolstering the appeal of bullion as an alternative asset. Prices are up for a fifth session in six in the spot market, set for its biggest annual gain since 2010. Meanwhile, global holdings in gold-backed ETFs expanded 6.3 tons last week after a 7.2-ton build the prior week, according to data compiled by Bloomberg. Assets have risen 14% this year.