Investing.com – Gold prices rose on Wednesday as investors awaited the details of the Federal Reserve’s August meeting due later in the day.
for December delivery gained 0.2% to $1,202.4 per troy ounce at 1:20AM ET (05:20 GMT) on the Comex division of the New York Mercantile Exchange.
The , which tracks the greenback against a basket of other currencies, edged 0.01% higher to 95.14.
Gold prices hit a fresh one-week high earlier in the day as the dollar softens after U.S. President Donald Trump said he is “” about the Fed’s decision to hike interest rates.
Markets widely expect the central bank to raise rates in September and also later this year. So far, the central bank has raised rates five times since Trump took office.
Gold is highly sensitive to rising U.S. rates as it increases the opportunity cost of holding non-yielding metal, while a weaker dollar generally boosts the price of dollar-denominated gold.
Gold futures ended last week down 2.86%, the largest weekly decline since early May 2017, after hitting $1,176.20 last Thursday, the lowest level since early January 2017
Looking ahead, Federal Reserve Chairman Jerome Powell will make his public appearance at the Jackson Hole Economic Symposium on Friday, with traders likely to focus on whether he would drop clues on future rate policies.
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Source: Investing.com
