Gold is trading higher after the US central bank gave indications that it may soon slow the pace of interest rate hikes.
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Gold surges after the dollar fell amid signs of a slowdown in US interest rate hikes
Gold prices moved higher today, Thursday, to their highest level in about a week in light of dollar weakness after Federal Reserve (US central bank) meeting minutes for November gave indications that the pace of interest rate hikes may soon slow down.
Spot gold was up 0.3% to $1,754.13 an ounce by 1905 GMT.
US gold futures rose 0.5% to $1,754.30.
Minutes of the November 1-2 meeting showed that a “large majority” of the bank’s policy makers agreed that it “may soon be appropriate” to slow the pace of rate hikes.
The dollar index fell 0.2%, making the yellow metal cheaper for overseas buyers.
The Fed announced its fourth consecutive 75 basis point rate hike earlier this month and analysts widely expect it to hike rates 50 basis points at its December meeting.
Elsewhere, silver fell 0.3% in spot transactions to $21.55 an ounce.
Platinum fell 0.9% to $987.78, while palladium was unchanged at $1,881.72.
