Gold rises on weaker US dollar

The price of gold rose by about 0.5% on Tuesday morning, Report informs.

February gold futures on the New York Comex rose $8.65, or 0.48%, to $1,812.85 a troy ounce. March silver futures rose 0.89% to $24.133 an ounce.

Bloomberg said that gold edged up to trade above $1,800 an ounce as China lifted more COVID restrictions, putting pressure on the US dollar. Thus, the dollar index (the exchange rate against a basket of currencies of six US trading partners) fell by 0.24% to 104.29 points. In this case, the gold becomes more affordable when purchased in another currency.