WASHINGTON (dpa-AFX) - Gold prices surged higher on Tuesday and lifted the most active gold futures contract to a more than 6-month closing high, as concerns about economic slowdown and high inflation pushed up the demand for the safe-haven commodity.
Gold prices climbed higher despite a strong dollar. The dollar index surged to 104.86 before paring some gains. Still, at 104.56, the dollar index was up as much as 1% from the previous close.
Gold futures for February ended higher by $19.90 or about 1.1% at $1,846.10 an ounce, the highest settlement since June 16.
Silver futures for March ended up $0.196 at $24.236 an ounce, while Copper futures for March settled at $3.7665 per pound, down $0.0440 from the previous close.
Investors are looking ahead to a slew of economic data this week. Data on manufacturing and service sector activity as well the minutes from the latest meeting of the Federal Reserve are due out this week.
The ADP data on private sector employment, and the non-farm payroll report are also due this week.
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