The dollar hit its biggest drop in two months amid rising gold
08:35 - 08/12/2018
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LONDON (Reuters) - Gold prices rose on Friday, heading for the best weekly performance in 15 weeks, as the dollar was the biggest drop in two months on renewed speculation about an impending halt in the Federal Reserve's monetary tightening cycle.
Spot gold rose by 0.07 percent to $ 1238.37 an ounce, after hitting a five-month high of $ 1244.32 an ounce in the previous session.
With a 1.5% gain this week, gold seems to be heading for its best gains since the week ending August 24, and gold in US futures futures also rose slightly to $ 1243.8 an ounce.
For other precious metals, silver was little changed at $ 14.47 an ounce, while palladium declined 1 per cent to $ 1197.76 an ounce.
Platinum rose slightly to $ 787.30 an ounce, continuing losses for the fifth week in a row. Platinum fell about 1.3 per cent this week.
Meanwhile, the dollar index is facing difficulties as it is under pressure from concerns over long-term Treasury yields.
Last week, US Federal Reserve Chairman Jerome Powell said US interest rates were approaching neutral levels, which markets interpreted as a sign of slowing down increases.
Those hopes received a fresh boost last night after the Wall Street Journal said US Central Bank officials were considering whether they would wait until a likely increase in interest rates at their Dec. 18-19 meeting. Ending / 25