Bengaluru — Gold prices edged higher for a second session on Thursday as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to US interest rate increases. Spot gold was up 0.2% at $1,295.16 an ounce at 3.59am GMT, after gaining nearly 0.2% in the previous session. US gold futures for June delivery were up 0.4% at $1,294.60/oz. "The minutes had a little bit of an impact but not too much. Gold is moving relative to the dollar," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. The dollar lost momentum versus the yen and against major rivals on Thursday after the minutes of the Federal Reserve’s last policy meeting were seen as dovish and US President Donald Trump proposed looking into imposing new tariffs on imported cars. Although the central bank’s minutes on Wednesday showed another interest rate hike in the US would be warranted "soon", it also showed that the Fed would tolerate inflation rising above i...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.