Investing.com – Gold prices held steady in holiday-thinned trade on Thursday, after the of the Federal Reserve’s most recent policy meeting pushed the U.S. dollar, lending support to the precious metal.
Comex were little changed at $1,291.98 a troy ounce by 08:10 a.m. ET (12:10 GMT).
Trade volumes were expected to remain light on Thursday, with Comex floor trading scheduled to remain closed for Thanksgiving. An abbreviated session was slated for Friday.
The greenback weakened after the minutes of the Fed’s latest meeting showed that some policymakers .
The report also showed that the Fed expects to raise interest rates in the “near term”, adding to expectations for a December rate hike.
However, the central bank added that economic data will determine the timing of future rate hikes, which could mean a slower pace than expected for 2018.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 93.05, the lowest since October 19.
Gold is sensitive to moves in both U.S. rates and the dollar. A weaker dollar makes gold less expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.
Elsewhere on the Comex, were down 0.08% at $17.11 a troy ounce.
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Source: Investing.com
