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Gold Prices Edge Up On Weak Dollar

14 Sep 2018 6:10 pm
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MUMBAI (Commoditiescontrol) - Gold traded higher on Friday helped by weaker dollar, however upside was capped by expectations of a U.S. rate hike later this month.

The dollar index slipped to a 1-1/2 month low after weaker-than-expected U.S. inflation data and a recovery in emerging markets but had recovered to trade nearly flat in the European afternoon.

Spot gold was up 0.4 percent at $1,204.95 an ounce. Prices edged up 0.9 percent so far this week, on track for its first weekly gain in three.

U.S. gold futures were up 0.2 percent at $1,210.40 an ounce.

Investors widely expect another 0.25 percentage point interest rate hike when the U.S. central bank meets on Sept. 25-26, and there is a strong chance of another increase in December.

Higher rates make gold less attractive since it does not pay interest but costs money to store and insure.

(By Commoditiescontrol Bureau; +91-22-40015533)

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