Gold Futures Edge 3-Week Higher on softer dollar

Gold Futures Edge 3-Week Higher on softer dollar

Gold futures edged 3-week higher on Friday as weakness in the U.S. dollar continue after the minutes from the Fed’s latest policy meeting showed the US central bank was in no hurry to raise interest rates.

On the Comex, gold futures for December delivery were up 0.08% at $1,145.40.

Spot gold was up 1.2 per cent at $1,152.06 an ounce, after touching a three-week peak of $1,154 earlier in the session.

Prices were backed by Fed minutes released  on Thursday, which suggests that the central bank was deeply guarded, even before the soft employment data last week showed a sharp slowdown in US hiring.

The greenback has come under pressure recently due to lower expectations of a rate hike by the Fed this year following the unexpectedly weak US jobs report last Friday of September.

The US dollar index, which measures the strength of the greenback against a trade-weighted basket of six major currencies, remained stable at 95.36, near three-week lows of 95.17 on Thursday.

Gold has been under pressure from expectations that the central bank will raise interest rates this year, which could raise the opportunity cost of not keeping bullion performance.

But the weak data and concerns about the global economic US economy have led many to roll back expectations, which has assisted win the gold more than 3 percent so far this month.

A potential delay in the rate hike also impacted upon the dollar, which has been supportive for the gold market to make cheaper for holders of other currencies metal.

Gold also has been able to reach a height of 3-weeks. MCX gold around 0.75 per cent increase in the domestic market is trading above Rs 26,600.

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Posted in Commodity, MCX, Stocks Market

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