Gold rises 0.4 percent as the dollar falls


Gold prices rose on Thursday as the dollar weakened, but hawkish comments from US Federal Reserve policy makers limited the metal’s allure and kept it well below the important level of $1800.
Spot gold rose 0.2 percent to $1,791.76 an ounce, after falling to its lowest level since November 4, on Wednesday. US gold futures rose 0.4 percent to $1,791.60.
The dollar index fell 0.1 percent from its 16-month high hit in the previous session, reducing the metal’s cost to buyers of other currencies.
“Since the markets are anticipating some normalization in monetary policy, this should affect gold in the short term,” said Hetish Jain, chief analyst at Yes Securities in Mumbai. But major central banks are unlikely to raise interest rates significantly given the fiscal burden caused by high interest rates and the large backlog of government debt.
Higher interest rates increase the opportunity cost of holding non-returnable gold.
As for other precious metals, silver rose in spot transactions 0.3 percent to $23.59 an ounce. Platinum rose 1.6 percent to $989.77, and palladium rose 2.3 percent to $1,893.76.
(Reuters)





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