Gold Prices Holds Overnight Gains Above $1,350 After Fed Keeps Rates Steady

Gold Prices Holds Overnight Gains Above $1,350 After Fed Keeps Rates Steady

Gold futures prices added to overnights gains in trade on Thursday, climbing to a more than 2-week high on a weaker dollar after the U.S. Federal Reserve left interest rates unchanged.

Gold for December delivery on the Comex Exchange climbed to a session high of $1,352.60 a troy ounce, the most since July 12. A day earlier, gold tacked on $6.20, or 0.46%.

Spot gold eased a bit to $1,338.56 an ounce. Bullion on Wednesday touched a high of $1,342.18, its best since July 14.

The Federal Reserve left the interest rates without change on Wednesday and said the near term risks to the US economic outlook had diminished. However, the central bank refrained from pointing a rise in short rates.

The federal funds futures fix prices in a 18% chance of a rate hike in September, down from about 22% the day before. December probabilities declined to 43% from 52% earlier this week.

The yellow metal is responsive to movements in interest rates in the United States. A gradual process to higher rates is seen as less of a threat for gold prices to a rapid series of increases.

The US dollar index that measures the strength of the greenback against a trade-weighted basket of six major currencies, to 96.50 early Thursday, as compared to its last closure at 97.05 and below a maximum of longer than four months of 97.59 earlier this week.

In the broader markets, Asian stocks rose on Thursday after the Federal Reserve gave a positive evaluation of the US economy and raised risk sentiment.

Backed fund holdings in the world’s largest publicly traded gold, SPDR Gold Shares have seen an outflow of nearly 28 tonnes in the previous three weeks.

At the Multi Commodity Exchange, Gold for delivery in far-month October shot up by Rs 193, or 0.62 per cent, to Rs 31,481 per 10 grams in futures trade today as speculators created positions amid positive cues from the global market.

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