© Archyde.com. Gold bars are displayed at a conference in Toronto, Canada, on Tuesday. Photograph: Chris Helgren/Archyde.com
(Archyde.com) – It rose on Thursday as the dollar fell, but Federal Reserve Chairman Jerome Powell’s hawkish comments on raising interest limits the precious metal’s gains.
By 0046 GMT, spot gold rose 0.1 percent to $1,815.58 an ounce, after reaching a one-week low on Wednesday. There was little change in US gold futures contracts, and they remained at $ 1819.10 an ounce.
And retreated from the highest level in three months reached on Wednesday, which makes the precious metal cheaper for buyers of holders of other currencies.
On Wednesday, Powell reiterated his message of a higher and possibly faster rate hike, but noted that the debate was still going on, and that the decision was contingent on data coming out before the central bank’s policy committee meeting in two weeks’ time.
As for other precious metals, it settled in spot transactions at $20.01 an ounce. Platinum rose 0.1 percent to $938.23 an ounce. It rose 0.2 percent to $1,375.47 an ounce.
(Prepared by Marwa Salam for the Arabic Bulletin)