Gold settled higher on Monday as the dollar fell on uncertainty about global economic growth, while the prospect of more economic stimulus from China also increased bullion’s investment appeal.
Gold was on track for its fifth rise in the past six sessions after the dollar index fell on growth concerns and worries that the Federal Reserve may wait longer to hike U.S. interest rates. Last week, the greenback notched its biggest weekly loss in six months.
Also underpinning gold was Chinese economic data suggesting the economy likely grew in the third quarter at its weakest pace in more than five years. This had some investors speculating that Beijing may roll out more stimulus measures. Gold got a boost from a strong rebound in Chinese imports of industrial commodities in September.
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