Gold Futures Edges Higher But Remains Near 10-Month Trough on 2017 Rate Hike Views

Gold Futures Edges Higher But Remains Near 10-Month Trough on 2017 Rate Hike Views

Gold futures prices edged higher on Friday on a weaker dollar, but the yellow metal was still hovering close to a 10-month trough amid expectations that the U.S. Federal Reserve will opt for more interest rate hikes in 2017.

On the Comex Exchange, gold futures for February delivery were up 0.13% at $1,132.15, not far from the 10-month low of Dec 15 at $1,123.90.

Spot gold edged up 0.2 per cent to $1,131.36 an ounce.

The dollar enhanced after the US Commerce Department said on Thursday that the GDP grew at an annualized rate of 3.5% in the three months ended Sept. 30, up from a previous estimate of 3.2% and better than expected for a reading of 3.3%.

The dollar has been supported on a large scale since concluded the Federal Reserve monetary policy meeting last week by raising interest rates by 25 basis points and three expected to raise interest rates for the year 2017.

A more consistent US economic strength of evidence the Federal Reserve may push to tighten credit again sooner rather than later. High rates discourage buying bullion payment is interest, which is priced in dollars.

The dollar hovered under the high range of age 14 earlier this week. The dollar index, which tracks the US currency versus a basket of currencies, rose 0.1 per cent to 102,980.

Holdings of SPDR Goldmexchange-traded fund, have fallen over 12 per cent since November.

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