Gold rises, though upside limited ahead of Fed minutes
On Wednesday, gold ascended, as the greenback kept below almost 14-year peaks against a currency basket as market participants waited for the publication of minutes from the Federal Reserve’s policy gathering earlier this month.
In New York, December delivery gold futures traded at $1,212.9 per troy ounce, holding above the minimums of $1,201.30 reached on Friday, a value not seen since May 30.
The US dollar index, measuring the US dollar’s strength against a trade-weighted basket of six key currencies, last traded at 100.98. The benchmark was holding above Tuesday’s minimum of 100.71 and wasn’t far from the 13-and-a-half year peak of 101.54 hit on Friday.
Before dropping on Monday the US dollar had surged for 10 straight trading sessions, the longest winning streak since May 2012.
December delivery silver futures traded at $16.60 per troy ounce, while copper futures were worth $2.551 a pound.
Copper prices have soared approximately 16% this month on hopes for ascending demand from China and a soar in infrastructure spending in American when Donald Trump becomes president.