Gold pulls towards $1,300 as dollar declines after Fed's minutes

2019-01-10 10:21:03 GMT (Economies.com)
Gold pulls towards $1,300 as dollar declines after Fed's minutes

Gold prices rose in European trade on Thursday for another session towards $1,300 as the dollar weakened following the bearish Federal Reserve's meeting minutes. 

 

Gold rose 0.2% as of 08:25 GMT towards $1,295.70 an ounce, with a session-high at $1,297.05, and a low at $1,291.62. 

 

Gold rose 0.6% on Wednesday, the second profit in three days as the dollar lost ground. 

 

The dollar index lost 0.1% on Thursday on track for a second decline, marking three-month lows at 94.62, in turn boosting dollar-denominated commodity futures such as gold. 

 

The pressures on the dollar came as analysts expect a slower pace of US rate hikes in 2019 according to the Fed's meeting minutes. 

 

The minutes showed several policymakers favor maintaining interest rates unchanged this year, while hinging a hike solely on data. 

 

Federal Reserve Chair Jerome Powell is scheduled to speak at the Economic Club of Washington DC later today, with investors hoping for more clues on the future of interest rates. 

 

Finally, Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, rose 2.65 tonnes yesterday, the first increase in three days, to a total of 799.18 tonnes, the highest since July 2018. 

 
 
 
  Symbol Last Change Chg.%
1.1298
0.0001
0.0093%
1.3193
-0.0026
0.1967%
15.448
0.014
0.091%
58.392
-0.476
0.809%
67.03
-0.83
1.22%
1315.245
2.010
0.153%
 
 
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