Gold sets 15-month high after Fed's minutes

Gold prices rose on Thursday to a 15-week high after the Federal Reserve's meeting minutes pushed the dollar lower against a basket of currencies, underpinning the precious metal according to its inverse relation with the dollar.
 
Gold last traded at $1,247.8 an ounce, up from the opening of $1,236.7, with a session-high at $1,249.2, and a low at $1,235.5.
 
Gold's current rise comes as the dollar tumbles against a basket of currencies following the Federal Reserve's meeting minutes that cut the chances of a rate hike in the bank's next meeting, underpinning the yellow metal.
 
On the other hand, U.S. treasury secretary Steven Mention said in a statement that he wants to see substantial reforms in the U.S. tax system and for Congress to agree on them, but didn't offer any details about his tax plans, raising uncertainty in the markets, specially after the Fed's shake policy tone as revealed in the meeting minutes yesterday.
 
Therefore, demand rose on gold as a safe haven amid constant instability and political tensions in the Eurozone, with the precious metal finally exiting the wavering state that dominated it this week.