amwalalghad :: Gold prices inch up from one-week low

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Gold prices inch up from one-week low


Published Wednesday, 18 October 2017 08:29 | Written by Amwal Al Ghad English

Gold prices inched up on Wednesday from a one-week low with the dollar holding steady, but speculation that President Donald Trump might pick a policy hawk to lead the U.S. Federal Reserve weighed on the metal.

Spot gold was up 0.1 percent to $1,286.10 an ounce at 0053 GMT. It hit a one-week low of $1,281.31 in the previous session.

U.S. gold futures for December delivery rose 0.2 percent at $1,288.3 per ounce.

The dollar index, which measures the greenback against a basket of currencies, was little changed at 93.449 after gaining for four straight days.

Asian shares consolidated recent gains and currencies kept to tight ranges on Wednesday as investors waited to see what policies might emerge from China's Communist Party conference.

U.S. President Donald Trump has a pool of five candidates to choose from for the next chair of the Federal Reserve and is likely to announce his choice before going to Asia in early November, a source familiar with the situation said on Tuesday.

Jerome Powell likely will be the next Federal Reserve chairman, according to a slim majority of economists in a Reuters poll - but most of them said current Fed Chair Janet Yellen would be the best option.

The Federal Reserve Bank of Kansas City in September voted to raise the rate commercial banks are charged for emergency loans, according to minutes of a U.S. central bank meeting released on Tuesday.

U.S. industrial production rebounded modestly in September as the lingering effects of Hurricanes Harvey and Irma hobbled activity at factories, but the outlook for the industrial sector remains bullish amid a strengthening global economy and weakening dollar.

The price of gold is expected to rise to $1,369 an ounce by October next year, delegates to the London Bullion Market Association's annual gathering predicted on Tuesday.

Open interest on the London Metal Exchange's (LME)precious metals contracts has topped 3 million ounces of gold, the exchange said, as it tries to muscle into a futures business dominated by rival CME Group.

India's Multi Commodity Exchange (MCX) on Tuesday launched the country's first gold options contract in New Delhi to coincide with the gold-buying festival of Dhanteras.

Source: Reuters

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