Gold Rises to $1,317.40 an Ounce As the Dollar Retreats

Gold prices increased Nov. 6 after staying on a declining trend recently. A fall in the dollar due to speculation the US Federal Reserve would be extending its stimulus program helped push up prices for the precious metal.

Gold futures for December delivery rose $9.30 an ounce to $1,317.40 an ounce on the COMEX in New York, MarketWatch reported.

Spot gold was also up to $1,317.56 an ounce, an increase of $6.59 from the previous session.

Federal stimulus concerns have driven gold prices all year. Since the beginning of 2013, fears over a tapering of the $85 billion a month bond-buying program have caused gold to lose a fifth of its value, according to Reuters.