Gold futures rose to a 14-week high as the dollar’s decline boosted demand for the precious metal as an alternative investment. Platinum climbed to the costliest since September on supply concerns, topping $1,500 an ounce.
The greenback touched a seven-week low against a basket of 10 currencies as the Institute for Supply Management said that its factory index was little changed in June from May. Gold advanced 3 percent in the second quarter as the dollar fell 1.2 percent.
This year, gold has climbed 10 percent as escalating violence in Iraq and Ukraine boosted demand for the metal as a haven. The Federal Reserve has said that U.S. interest rates will stay low for a “considerable time.”