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Gold jumps to a two-week high
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Economy News _ Baghdad Gold prices rose to a two-week high Friday as the focus shifted to US inflation data, which will be released on Friday, and is expected to provide more clues on monetary policy. The minutes of the Federal Reserve meeting held in September showed that US central bank officials had a long debate about the prospects for rising inflation and slowing the pace of future interest rate hikes if inflation expectations did not materialize. The dollar rose after US data showed that the number of jobless applicants in the United States last week fell to a one-month low. But the greenback is still near two-week lows against a basket of currencies, adversely affected by the minutes of the US Central Bank meeting, which the market interpreted as leaning towards monetary easing. After four consecutive sessions of gains, spot gold settled at $ 1293.40 an ounce late in the US session after hitting $ 1297.40 earlier, its highest level since Sept. 26. Gold futures in US futures rose 0.6 percent to settle at $ 1296.50 an ounce. Gold is heavily influenced by an increase in interest rates, which tend to support the dollar traded by the precious metal. A number of policymakers said they would focus on future inflation data in the next few months, when they decide on the path the Fed will take to raise interest rates. Silver rose 0.4 percent to $ 17.23 an ounce after hitting a three-week high, and platinum rose 0.8 percent to $ 935.49 an ounce, after hitting a two-week high earlier in the session. Palladium jumped 1.9 percent to $ 977.25 an ounce, the highest level since Sept. 6. |
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