Gold prices rallied again on Monday, boosted by a weaker U.S. dollar. The metal finished at its highest level in more than five weeks.
August gold finished at $948.80 per ounce, a gain of $11.30 for the session. Prices reached as high as $955.40 in intraday trading. Gold rose $24.90 last week.
The dollar stabilized near a six-week low of 1.4248 against the euro and fell to a three-week low of 1.6556 against the British pound. The greenback also turned to the downside against the yen, moving off a 13-day high. Most of the time, gold moves opposite the dollar because of the precious metal's hedge appeal.
On the economic front, a Conference Board report showed that the leading indicators index increased by 0.7 percent in June following an upwardly revised 1.3 percent increase in May. Economists had expected the index to increase by 0.5 percent compared to the 1.2 percent increase originally reported for the previous month.
On Tuesday, Federal Reserve Chairman Ben Bernanke will deliver his semi-annual monetary policy testimony to the House Financial Services Committee. Testimony begins at 10 a.m. ET and will resume Wednesday.
The earnings calendar is also packed, with Apple and Yahoo headlining the day.
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