InstaForex InstaForex

Prime News

Gold Prices Slightly Higher as Fed Rate Hike Outlook Hits Dollar

Gold prices inched up to hold near two-week peaks it reached in the session earlier, as the dollar weakened. Chicago Federal Reserve President Charles Evans recently said that the U.S. central bank will not accelerate the pace to hike interest rates.

Spot gold rose 0.1 percent at $1,234.40 an ounce. U.S. gold futures were mostly flat at $1,234.60. The dollar index fell 0.2 percent at 100.190. The Fed is inclined to wait at least until the June policy meeting to decide if it will raise interest rates again. This gives it enough time to digest economic and financial market data along with clarity on the Trump administration's fiscal policy plans, according to Evans.

Holdings of SPDR Gold Trust dropped 0.46 percent to 830.25 tonnes on Monday from 834.10 tonnes on Friday. Russia's central bank, which aims to diversify the country's official reserves, reported a rise in its gold reserves in February, for the second month in a row.
Recommend: Prime News
Canada Wholesale Trade Down 0.5% in June
22 Aug 2017, 00:49 UTC+00   
Views today: 1318 
European Markets Lower as Fiat Chrysler, Maersk Pared Losses
21 Aug 2017, 23:49 UTC+00   
Views today: 1317 
Gold Prices Lower; Investors Cautious Ahead of Jackson Hole...
22 Aug 2017, 01:22 UTC+00   
Views today: 1317 
Wall Street Mostly Higher as Tech Stocks Drop
22 Aug 2017, 00:10 UTC+00   
Views today: 1315 
Sempra Energy Strikes Deal to Buy Oncor for $9.45 Billion
22 Aug 2017, 02:06 UTC+00   
Views today: 1312 

All Prime news

Start trading with
no risks and investments
With new Start-Up Bonus of $1000
Get bonus
from InstaForex
on every deposit