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Tuesday / October 17.

Gold hits two-week high after Fed minutes


Dubai: Gold prices in Dubai surged to their highest level in nearly two weeks in early trading Thursday.

The bullion posted positive gains after the US dollar hit a snag, as late Wednesday’s release of the US Federal Reserve’s minutes drove investors to safe-haven assets.

As of 9.59am, the price of 24K surged to Dh157 per gram, up by Dh2 from October 1. It was trading at D156 per gram a day earlier.

Other popular jewellery pieces jumped in value as well, with 22K selling at Dh147.25 per gram, 21K at Dh140.75 and 18K at Dh120.50 per gram, as of 10am.

Spot gold rose 0.2 per cent at $1,294.29 an ounce by 0338 GMT, after earlier touching the highest price of $1,295.45 since September 27, according to Reuters.

 “Gold prices rose slightly as the market appeared to take the fed minutes as slightly dovish,” the news agency quoted ANZ analysts.

“In particular, it was the comments on persistently low inflation that seemed to gain much attention. This saw the US dollar weaken slightly, increasing investor appetite for the precious metal.”

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via GN