Gold logs highest close in 14 months

Economies.com
2019-06-18 18:33PM UTC

Gold prices rose during today despite dollar's slight rise against most major currencies and positive comments from US President Donald Trump.

 

The Federal Reserve will unveil its interest rate decision tomorrow, with expectations that it will remain unchanged. The decision will be followed by a press conference by the bank's president, Jerome Powell, in which he will outline short-term monetary policy features.

 

Powell had previously said the central bank is closely monitoring the consequences of the trade war and would take the necessary measures to counter any signs of slowing of growth in the US economy, and some saw these comments as a hint of a rate cut.

 

On the other hand, the dollar index (against a number of major currencies) rose by 0.1% to 97.7 points at 18:19 GMT, reaching a high of 97.7 points and a low of 97.3 points.

 

Gold futures (August delivery) rose 0.6% to $1350.7 per ounce, the highest level since April 2018, and the precious metal hit a high of $1358.5 and a low of $1348.1.

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