Gold is rising following the US central bank gave indications that it may soon slow down the pace of interest rate hikes.
-
Gold rises following the dollar fell, amid indications of a slowdown in the US interest rate hike
Gold prices rose today, Thursday, to their highest level in regarding a week in light of the weakness of the dollar, following the minutes of the Federal Reserve meeting (the US central bank) for the month of November gave indications that it may soon slow the pace of raising interest rates.
Spot gold rose 0.3% to $1,754.13 an ounce by 1905 GMT.
US gold futures rose 0.5% to $1,754.30.
The minutes of the November 1-2 meeting showed that a “large majority” of the bank’s policymakers agreed that “it may soon be appropriate” to slow the rate hike.
The dollar index fell 0.2%, making the yellow metal cheaper for buyers abroad.
The Fed announced its fourth consecutive rate hike by 75 basis points earlier this month, and analysts widely expect it to raise rates by 50 basis points at its December meeting.
As for other precious metals, silver fell in spot transactions by 0.3%, to $21.55 an ounce.
Platinum fell 0.9% to $987.78, while palladium settled unchanged at $1,881.72.
