Gold prices rise slightly on steady dollar

  02 August 2018    Read: 875
Gold prices rise slightly on steady dollar

Gold inched higher in early trade on Thursday, recovering from its fall in the previous session when the U.S. Federal Reserve kept interest rates steady, as the dollar held steady.

Spot gold was up 0.2 percent at $1,218.22 an ounce at 0052 GMT, after losing 0.65 percent in the previous session.

U.S. gold futures were, however, 0.1 percent lower at $1,226.80 an ounce. 

The dollar index , which measures the greenback against a basket of six major currencies, was unchanged at 94.641. The U.S. Federal Reserve kept interest rates unchanged on Wednesday as expected but characterized the economy as strong, keeping the central bank on track to increase borrowing costs in September.

U.S. short-term interest rates futures were little changed on Wednesday as traders stuck to the view that the Federal Reserve would raise key borrowing costs two more times in 2018 with the next rate hike seen happening at its Sept. 25-26 policy meeting.

 

Reuters


More about: Gold