Gold rallied as the dollar weakened, and the new UK Finance Minister Hunt signaled that he would abandon a significant part of the tax cut program.
Gold rallied as a weakening dollar, and falling bond yields raised concerns that the global economy could plunge into recession.
On the second day of the week, gold reached $1,660 an ounce in the spot market.
The metal, which has a negative correlation with the dollar and interest rates, continues to be suppressed by the dollar, which is close to record levels.
Spot gold has been volatile this year, losing 20 percent from its March peak as the Fed tightened its aggressive monetary policy and investors turned to the US dollar.
A move by new UK Finance Minister Jeremy Hunt’s move to smash what’s left of Liz Truss’ controversial program to restore order in the public finances gave sterling and bond yields gains against the US dollar and bond yields on Monday. This move caused gold to rise 1.5 percent in the last session.
