The Financial Express

Gold prices up on softer dollar

| Updated: October 24, 2017 13:35:24

Evaly and Fianancial Express Evaly and Fianancial Express
Gold prices up on softer dollar

Gold rose on Thursday as the dollar remained subdued after minutes from the US Federal Reserve's July meeting hinted at a delay in further rate hikes, while palladium hit a fresh 16-year high.

Spot gold was up 0.3 per cent at $1,287.01 per ounce by 0340 GMT, after gaining nearly 1.0 per cent the previous day, reports Reuters.

US gold futures for December delivery rose 0.8 per cent to $1,292.80 per ounce.

The US central bank is roughly at the mid-point on its current path to normalise interest rates as the economy has shown further improvement even without fiscal stimulus.

Higher interest rates could boost the dollar, making commodities priced in the greenback more expensive for holders of other currencies.

Spot gold may test a resistance at $1,294 per ounce, a break above which could lead to a gain to the next resistance at $1,304, Reuters technical analyst Wang Tao said.

Meanwhile, palladium was up 0.9 per cent at $922 after earlier marking its highest since Feb. 2001 at $926.

Among other precious metals, silver was up 0.2 per cent at $17.11 per ounce, while platinum eased 0.3 per cent to $974 an ounce.

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