Gold Prices Climb in New York to $1,335 an Ounce

A weaker dollar caused gold prices to rise July 29. Gold futures for December delivery hit $1,335 an ounce around 8 a.m. on the COMEX in New York, Bloomberg reported – an increase of $13.35, or 1 percent.

The increase comes after the precious metal gained 2.2 percent last week and before the Federal Reserve begins a two-day meeting July 30, where policy makers could discuss the future of the stimulus program.

Deutsche Bank AG analysts said in a report that precious metals “have been supported by more dovish statements from the Fed in terms of quantitative-easing tapering alongside a weaker U.S. dollar,” according to Bloomberg. However, the analysts added they expect gold prices to “remain vulnerable in an environment where the U.S. economy is set to accelerate during the remainder of this year and into 2014.”

Earlier in today’s session, gold fell before climbing back up, Reuters reported. A lack of buying in Asia also impacted gold prices earlier today, with spot gold dropping to $1,323.96 an ounce.