Spot gold rose 0.4% to $1,755.73 per ounce in early trade, US gold futures advanced 0.6% to $1,755.90
Spot gold rose 0.4% to $1,755.73 per ounce in early trade, while US gold futures advanced 0.6% to $1,755.90Bengaluru — Gold prices bounced above the key $1,750 an ounce level on Thursday, consolidating gains after minutes of the US Federal Reserve’s latest meeting signalled slower interest-rate hikes.
Lower rates tend to lift the appeal for bullion in comparison with other interest-bearing assets. High interest rates have kept a leash on gold’s traditional status as a hedge against high inflation and other uncertainties this year as they translate into higher opportunity cost to hold the non-yielding asset.
Fed fund futures are now pricing in an 85% chance of 50-basis point increase in the December meeting, after four straight 75 bps hikes. Providing a further fillip to gold and precious metals overall, the dollar was broadly lower after the Fed minutes. A weaker dollar makes bullion cheaper for overseas buyers.
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