Gold price rises on weakening dollar

The price of gold rose by 1% on Monday morning, Report informs.

The weakening of the US dollar against world currencies, especially against the yen, supports the quotes of the precious metal.

February gold futures on the New York Comex rose $19.35, or 1%, to $1,948.78 a troy ounce. March silver futures rose 0.63% to $23.77 an ounce.

At the same time, the dollar lost 0.3% against the yen and 0.1% against the euro. A cheaper dollar makes gold more affordable to buy in another currency.