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Gold eases from 10-month minimums

On Thursday, gold prices retraced some losses, having fallen to almost 10-month minimums as the greenback eased, but the number one precious metal remained under pressure amid hopes for higher American interest rates.

Gold was trading at $1,169.65 per troy ounce, having dropped as low as $1,163.5 earlier in the session, the lowest value since February 5.

Meanwhile, silver futures reached $16.37 a troy ounce, copper futures hit $2.626 a pound. As for palladium, this commodity was at $773.2, levels not observed since June 2015.

On Wednesday, the greenback soared, after the Organization of the Petroleum Exporting Countries came to an agreement on a crude output cut aimed at suppressing global oversupply and shoring up prices.

Hopes for higher crude prices added to American inflation expectations, which have already been spurred by prospects for increased fiscal spending under the Trump administration.

Demand for the greenback was also powered after positive American economic reports lent further credence to the view that the Fed will increase rates already in December.


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