Gold shines as dollar slips after Fed decision
Gold hit a two-week high on Thursday after the US Federal Reserve’s decision to keep interest rates on hold
LONDON — Gold hit a two-week high on Thursday after the US Federal Reserve’s decision to keep interest rates on hold sent the dollar to its lowest level since the start of last week.Bullion gained on Wednesday after the Fed stayed pat on rates but indications it could still tighten monetary policy in the world’s biggest economy by the end of the year weighed on gold prices initially on Thursday. Gold is highly exposed to monetary policy, particularly in the US, as higher interest rates lift the opportunity cost of holding non-yielding assets and boost the dollar, in which the precious metal is priced.Spot gold rose 0.2% at $1,339.46 an ounce by 2.00pm GMT, close to levels last seen on September 8. The dollar index, which measures the greenback against a basket of currencies, slipped to its lowest since September 12. US gold futures rose 0.5% to $1,337.50 an ounce."This is a follow on from what happened yesterday with the Fed being more dovish, the market is now going through the ups...
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