Gold Rises to $1,247.40 an Ounce as Dollar Weakens

Gold rose 0.3 percent or $3.74 to $1,247.40 an ounce on Monday as the dollar declined and concerns about emerging markets caused equities to drop, according to Reuters. However, China – a leading buyer of gold – closed its markets for the Lunar New Year holiday, which kept the rise in price moderate.

“The big issue right now is emerging markets’ troubles, which drew gold prices up over the past few weeks, and if the immediate risk coming from that subsides, prices could go a little bit lower,” Bank of America Merrill Lynch analyst Michael Widmer told Reuters.

U.S. gold futures for February delivery rose $7.48 or 0.6 percent to $1,246.90 an ounce.