2020.09.2818:42:00UTC+00Gold Futures Settle Notably Higher As Dollar Weakens

Gold prices moved higher on Monday as the dollar weakened against most of its peers.

The dollar index slipped to 94.15 in the European session, and despite moving past 94.40 subsequently, faltered again and was last seen at 94.25, down more than 0.4% from previous close.

Data showing strong industrial profits in China dimmed dollar's safe-haven appeal.

Profits of China's industrial firms grew for the fourth straight month in August, buoyed in part by a rebound in commodities prices and equipment manufacturing, official data showed on Sunday.

Gold futures for December ended up $16.00 or about 0.9% at $1,882.30 an ounce, rallying from an early low of $1,851.10 an ounce.

Silver futures for December closed higher by $0.511 at $23.604 an ounce, while Copper futures for December settled at $2.9900 per pound, gaining $0.0190.

Investors were looking ahead to upcoming economic data and the first presidential election debate between U.S. President Donald Trump and his Democratic rival Joe Biden for directional cues.

On the stimulus front, U.S. House Speaker Nancy Pelosi has expressed optimism Sunday that she hopes to find common ground for agreement with Treasury Secretary Stephen Mnuchin.

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