London — Gold rose marginally on Thursday, on track to end the week barely changed as the market waited for more signs about the timing of an expected US interest rate rise from the Federal Reserve. Higher interest rates lift the opportunity cost of holding nonyielding assets and boost the dollar, in which gold is priced. Spot gold was up 0.2% at $1,268.96/oz by 9.20am GMT while US gold futures rose by a similar margin to $1,269.50/oz. It has traded in a roughly $16 range over the past week. "Trading is really tight. We are in a wait-and-see mode until the next Fed meeting or US elections. We are probably going to trade like this until something substantial happens," Capital Economics commodities economist Simona Gambarini said. Gold is also often seen as an alternative investment during times of political and financial uncertainty such as the US Presidential elections in November. Higher physical demand from India is helping prices stay afloat and preventing a sell-off ahead of an ...
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