Gold prices rose on Monday as the dollar fell after US President Joe Biden’s decision to withdraw from the 2024 presidential race, and traders turned to safe-haven gold.
By 0510 GMT, spot gold was up 0.2 percent at $2,405.40 an ounce, while U.S. gold futures were up 0.3 percent at $2,407.20.
The dollar fell in an initial reaction to US President Joe Biden abandoning his re-election bid, paving the way for another Democratic candidate to challenge Donald Trump.
The weaker dollar makes the metal more attractive to buyers holding other currencies.
Among other metals, spot silver fell 0.5 percent to $29.11 an ounce, platinum fell 0.3 percent to $959.99, and palladium rose 1.1 percent to $916.18.
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