Gold futures rose for the fourth straight session as the dollar’s longest slump in seven weeks boosted demand for the metal as an alternative investment.
The greenback fell for the fourth straight session against a basket of 10 major currencies, the longest slide since April 30. On June 19, gold surged 3.3 percent, the most in nine months, as the Federal Reserve policy makers said that U.S. interest rates will remain low for a considerable time.
“The dollar is still reacting to the dovish Fed statement, and that is supporting gold,” David Meger, the director of metal trading at Vision Financial Markets in Chicago, said in a telephone interview. “Gold, however, is still stuck in a range.”