Sumary of Gold ticks higher as dollar eases but hawkish Fed mutes gains:
- Article content Gold prices edged up on Thursday as the dollar eased, but hawkish comments by U.S. Federal Reserve policymakers dented the metal’s appeal and kept it well below the key $1,800 mark.
- U.S. gold futures added 0.4% to $1,791.60. The dollar index edged 0.1% lower off a 16-month high hit in the previous session, reducing the metal’s cost to buyers holding other currencies.
- Article content “As markets price in some monetary policy normalization, that should weigh on gold in the short-term.
- But major central banks are unlikely to aggressively hike rates given the fiscal burden of higher interest rates and large government debt accumulated” said Hitesh Jain, lead analyst at Mumbai-based Yes Securities.