Gold climbs to one-month high

Gold rose on Monday to its highest level in a month because of weakness in the dollar plus a further decline in oil prices, which sparked safe-haven bids for the precious metal.
The dollar dipped after an unexpected fall in US wages tainted what was otherwise a robust report on the labour market.
The data added to speculation the Federal Reserve would be patient in raising interest rates, which could help non-interest-bearing gold. Global oil prices are at their lowest level since April 2009. Weaker oil prices tend to hurt gold as they reduce the need for gold as a hedge against oil-led inflation. But equity markets are taking a hit from persistent weakness in oil prices, fuelling the flight to safety. “Normally, lower oil prices are a negative for gold, but prolonged oil price declines may be fanning concerns that further losses could have an impact on the financial markets and oil-exporting economies,” HSBC analyst Steel said.