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Gold Near 3-Week High

Gold Near 3-Week HighGold Near 3-Week High

Gold rose to a near three-week high on Friday as the US Federal Reserve’s decision to leave US interest rates unchanged weighed on the dollar, Reuters reported. Spot gold was up 0.7% at $1,138.86 an ounce, having earlier touched its highest since Sept. 1 at $1,141.30, keeping it on track to snap a three-week losing streak. “If it’s December and not September it does seem largely irrelevant to the price of gold,” Macquarie analyst Matthew Turner said of any eventual rate increase. “More supportive is the perception that the Fed seems to have lost a little confidence itself in the rate hike cycle,” he added.

Financialtribune.com