Gold hits 3-month high as dollar slips

Gold prices hit their highest level in three months today, Tuesday, as the dollar fell, amid hopes that the Federal Reserve (the US central bank) would ease its policy of raising interest rates in the future.

According to “Reuters”, gold in spot transactions rose 0.5% to $ 1779.94 an ounce (an ounce) by 0745 GMT, its highest level since August 17. US gold futures also rose 0.4 percent to $1,783.50

The dollar fell 0.6 percent to its lowest level in three months against rival currencies, which makes the precious metal more attractive to holders of other currencies.

Federal Reserve Vice Chair Lael Brainard indicated on Monday that the US central bank is likely to slow interest rate increases soon, while emphasizing that the bank still has more steps to do.

Gold prices have risen by more than $160 since hitting a one-month low earlier this month, with data showing a slight rise in the US unemployment rate in October and signs of slowing inflation fueling optimism for an easing of Federal Reserve policy which led to a sharp drop in the dollar.

As for other precious metals, silver rose in spot trading by one percent to $22.19 an ounce, the highest level since early June.

The price of platinum increased 1.4 percent to $ 1031.63, and palladium rose one percent to $ 2046.34.