Investing.com – Gold prices held steady near three-and-a-half month highs on Wednesday, as a mild recovery by the U.S. dollar ahead of the minutes of the Federal Reserve’s latest policy meeting and key U.S. jobs data limited the precious metal’s gains.
Comex were little changed at $1,316.60 a troy ounce by 08:15 a.m. ET (12:15 GMT), just off a three-and-a-half month peak of $1,322.70 hit earlier in the day.
Market watchers were looking ahead to the of the Fed’s December meeting, where its raised interest rates, which were due to be released later on Wednesday. Two policymakers voted against the rate hike amid doubts inflation would accelerate as hoped.
The U.S. dollar weakened in 2017 as the global economy gained momentum fueling expectations for tighter monetary policy in other countries, which would lessen the divergence between the Federal Reserve and other central banks.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.22% at 91.76, off the previous session’s four-month low of 91.47.
Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
Elsewhere on the Comex, slipped 0.27% to $17.16 a troy ounce.
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Source: Investing.com
