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Gulf Today Report
Gold prices advanced on Monday beyond 1% as the dollar declines and the US passed a massive $1.9 trillion stimulus package.
Spot gold was up 1% at $1,750.24 per ounce by 05:44 GMT, after rising as much as 1.1% earlier in the session while US gold futures rose 1.1% to $1,748.50.
Stephen Innes, chief global market strategist at Axi said, "a reversal of the higher yield trend and a weaker dollar are allowing gold to move a little bit higher."
The dollar dropped from a one-week high, increasing gold’s appeal for those holding other currencies.
Gold serves as a shield against inflation that is likely to happen due to stimulus, higher bond yields challenge that status.
Spot gold fell 0.6% to $1,885.81 per ounce by 0618 GMT, declining 4.3% so far in the month in what would be its worst monthly performance since November 2016. US gold futures were down 0.5% at $1,893.30.
Spot gold hit its highest since early October 2012 at $1,788.96 in early trade, and by 0958 GMT was at $1,787.31 per ounce, up 0.4%. U.S. gold futures were up 0.3% at $1,805.10 per ounce.
Spot gold was down 0.1% to $1,730.48 per ounce by 03:40 GMT while US gold futures were also down 0.1%, at $1,728.10 per ounce.
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