Gold Hits $1,179.81 per Ounce

The gold price has risen from its recent three-week low, yet remains below the $1,200 benchmark.

Spot gold rose 0.5 percent to reach $1,179.81 per ounce on Tuesday, according to Reuters. Meanwhile, Nasdaq reported gold futures on the Comex hit $1,182.50 an ounce – a 0.23 percent increase.

These increases were attributed to a softer U.S. dollar. However, with the dollar still strong, experts agree it’s unlikely prices will rise much further.

“If the data today helps the dollar to rally even more, then everything comes under pressure again … obviously positioning is going to be light in the next week but I think we could close the year at lower levels,” Societe Generale analyst Robin Bhar told Reuters.