Amid Weakening Dollar, Precious Metals Continue Last Week's Rally

BlockBeats News, February 9th: Spot gold is up 1.2% to $5,029.09 per ounce. Previously, the gold price surged nearly 4% last Friday. Spot silver is up 4.3% to $81.1 per ounce, following a 10% increase in the previous trading day. The U.S. dollar index has fallen to its lowest level since February 4th, making dollar-denominated precious metals more attractive to overseas buyers.

U.S. Treasury Secretary Janet Yellen said on Sunday that even with Kevin Warsh as the nominee for Federal Reserve Chair, she does not expect the Fed to quickly shrink its balance sheet. San Francisco Fed President Daly said last Friday that in response to the weakening labor market, another rate cut may still be needed. Investors are awaiting the January U.S. non-farm payroll report to gain more insight into the Fed's monetary policy path. (FX168)