Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as some analysts described the Federal Reserve's wording on possible further interest hike as "dovish" .
The most active gold contract for December delivery went up 7.60 dollars, or 0.59 percent, to close at 1,296.50 dollars per ounce.
The U.S. Federal Reserve released its September policy meeting minutes on Wednesday afternoon. On one hand, Fed officials reiterated "a gradual approach to increasing the federal funds rate will likely be warranted," on the other hand, "many participants expressed concern that the low inflation readings this year might reflect not only transitory factors, but also the influence of developments that could prove more persistent, and it was noted that some patience in removing policy accommodation while assessing trends in inflation was warranted. "
Chicago Fed President Charles Evans even went further, reportedly saying that a December interest rate hike wasn't a "done deal."
As a result, the U.S. dollar index, a measure of the greenback against a basket of other major currencies, slid well below 93 on Wednesday but rebounded to 93.20 as of 1717 GMT Thursday.
As for other precious metals, silver for December delivery rose 13.3 cents, or 0.78 percent, to close at 17.266 dollars per ounce. Platinum for next January went up 8.60 dollars, or 0.92 percent, to settle at 941.80 dollars per ounce.
The most active gold contract for December delivery went up 7.60 dollars, or 0.59 percent, to close at 1,296.50 dollars per ounce.
The U.S. Federal Reserve released its September policy meeting minutes on Wednesday afternoon. On one hand, Fed officials reiterated "a gradual approach to increasing the federal funds rate will likely be warranted," on the other hand, "many participants expressed concern that the low inflation readings this year might reflect not only transitory factors, but also the influence of developments that could prove more persistent, and it was noted that some patience in removing policy accommodation while assessing trends in inflation was warranted. "
Chicago Fed President Charles Evans even went further, reportedly saying that a December interest rate hike wasn't a "done deal."
As a result, the U.S. dollar index, a measure of the greenback against a basket of other major currencies, slid well below 93 on Wednesday but rebounded to 93.20 as of 1717 GMT Thursday.
As for other precious metals, silver for December delivery rose 13.3 cents, or 0.78 percent, to close at 17.266 dollars per ounce. Platinum for next January went up 8.60 dollars, or 0.92 percent, to settle at 941.80 dollars per ounce.
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