Bengaluru — Gold prices on Thursday held near eight-month highs hit in the previous session, as the dollar weakened after the US Federal Reserve paused its monetary tightening cycle, putting bullion on course for its fourth consecutive monthly gain. Spot gold was steady at $1,319.72/oz by 3.08am GMT. Prices rose to their highest since May 11 at $1,323.34 on Wednesday. US gold futures were up 0.6 percent at $1,317.70/oz. Spot gold has risen 2.8% so far in January. The Fed held US interest rates steady on Wednesday but said it would be patient in lifting borrowing costs further this year as it pointed to rising uncertainty about the economic outlook. “Gold is getting a double whammy from a dovish Fed and US-China trade talks. The US dollar has been sold off across the board, supporting gold,” said Jeffrey Halley, senior market analyst, Oanda. The dollar index, which measures the greenback against a basket of currencies, fell after the Fed’s cautious statement. Gold tends to rise on ex...
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