Gold gains on dollar, physical demand

London, Feb 11. Gold today gained to the highest since November in the best run since August as a weakened dollar spurred demand for an alternative asset and physical buying increased. Gold rose 0.8 per cent to USD 1,285.17 an ounce, the highest since November 18 and is up for a fifth day in the best run since August 28. Silver also added 0.5 per cent to USD 20.16 an ounce, and an eighth successive daily advance would be the longest since August 16. The Dollar Spot Index, a measure against 10 major currencies, reached a four-week low before Federal chairperson delivers her first testimony to US lawmakers. Bullion capped a 1.8 per cent weekly advance February 7 as US jobs growth data missed estimates. Gold slumped by the most since 1981 last year as some investors lost faith in the metal as a store of value. Bullion rebounded this year as global equities and emerging markets weakened and lower gold prices spurred physical demand.