Gold futures prices climbed Thursday, closing at at a 10-week high in a light seasonal volume as a weaker dollar offered the dollar-pegged commodity complex a runway to advance. February gold rose $5.80, or 0.5%, to $1,297.20 an ounce, marking its highest settlement since Oct. 16, when the contract finished at $1,303, according to FactSet data. A softening dollar, which can make the yellow metal more attractive to buyers using less potent currencies, has been the major catalyst for the recent updraft in gold futures. The ICE U.S. Dollar Index , which measures greenback against a basket of six rivals, was down 0.5% at 92.59. The dollar’s slide comes even as the Federal Reserve increased interest rates mid-month, which should help support bucks. However, expectations that other global central banks will end easy-money policies in coming months has weigh on the U.S. unit.
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