Gold prices advance as dollar weakens, investors seek contract as hedge against inflation
NEW YORK (AP) - Gold prices advanced Monday as the U.S. dollar weakened against other major currencies, prompting investors to buy into the commodity as a hedge against inflation.
Other commodities were mixed.
The dollar fell against the euro and the British pound ahead of the Federal Reserve's Tuesday decision on interest rates. Some analysts anticipate policy makers will cut the key rate by a half-point to 0.5 percent, while others expect a three-quarter-point reduction to 0.25 percent — which would be the lowest key rate on records going back to 1954.
