Gold rises on a weaker U.S. dollar

Market news

13 January 2016

Gold rises on a weaker U.S. dollar

Gold price rose on a weaker U.S. dollar. The U.S. dollar fell against other major currencies ahead of the release of the Fed's Beige Book later in the day.

The World Gold Council's (WGC) also supported gold. According to the World Gold Council, the central banks added 55 tons of gold to their reserves in November, up from 29 tons in October. China 21 tons, while Russia added 22 tons.

February futures for gold on the COMEX today increased to 1087.80 dollars per ounce.

Oil prices rise despite an increase in the U.S. crude oil inventories

U.S. crude inventories climb by 234,000 barrels to 482.6 million in the week to January 08

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