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Gold edges higher

Gold edges higher

LONDON: Gold rose on Thursday, buoyed by a weaker dollar after minutes from the US Federal Reserve’s July meeting showed policymakers were divided over whether to raise interest rates soon.

Members of the Fed’s rate-setting Federal Open Market Committee were generally upbeat about the US economy and labour market, but several said any slowdown in future hiring would argue against a near-term hike.

Spot gold was up 0.1 percent at $1,349.57 an ounce at 1446 GMT, on track for a fourth straight day of gains. US gold climbed 0.4 percent to $1,354.60 an ounce.

The dollar fell 0.4 percent against a basket of six major currencies, after plunging to its lowest in more than seven weeks. A weaker dollar makes gold cheaper for holders of other currencies.

On Thursday, New York Fed President William Dudley said the last two months of job growth “helped allay concerns that arose earlier this year that job growth was beginning to stall.”

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.46pc to 957.78 tonnes on Wednesday.

Silver was up 0.5 percent at $19.77 an ounce, after touching a more than three-week low on Wednesday.

Platinum rose 1.3 percent to $1,127, after hitting a three-week low of $1,099.74 in the previous session, while palladium was up 2.2 percent at $707.20.

Published in Dawn, August 19th, 2016

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