Gold prices rose sharply in North American trade on Tuesday, reapproaching the strongest level since March 2014 as investors continued to push back expectations of a rate hike from the Federal Reserve in the next few months.
Gold for December delivery on the Comex division of the New York Mercantile Exchange jumped to an intraday peak of $1,370.15 a troy ounce, the most since July 11, when prices surged to a more than two-year high of $1,377.50. It was last at $1,369.75 by 12:45GMT, or 8:45AM ET, up $10.15, or 0.75%.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, sank to a daily low of 95.25, a level not seen since June 24. It last stood at 95.30 early on Tuesday, down nearly 0.5% on the day.