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Gold rebounds as dollar steadies
Gold prices rose today, Thursday, following the dollar’s retreat from its highest level in 18 months, which helped the precious metal recover from a two-month low. Spot gold increased by 0.7% to $4,141.09 per ounce, while December futures climbed by 0.6% to $4,165.10. The rise is attributed to expectations that the U.S. will not raise interest rates again, despite market odds of an 80% chance of rate hikes in December, which somewhat diminishes gold's appeal. Experts indicated that sustained increases in long-term yields might deter investors from buying gold as a hedge against currency depreciation. However, the dollar’s decline and the weak rise in interest rates could support gold’s upward movement in the short term, especially if the market manages to break a certain price level to improve bullish outlooks.
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