Gold up on lower dollar, fed rate hikes outlook ‎

Gold prices extended their gains for the third consecutive session today, Thursday, with the dollar falling after Federal Reserve Chairman Jerome Powell said that the US central bank may reduce the pace of raising interest rates in December.

According to “Reuters”, spot gold rose 8.3 percent in November, ending a seven-month loss, after investors received Powell’s statements at the Brookings Institution with approval.

Moreover, lower interest rates increase the attractiveness of the metal, which does not yield a return.

But Powell also warned that the fight against inflation is far from over

Gold in instant transactions rose 0.6 percent to $ 1778.94 an ounce by 1018 GMT.

US gold futures rose 1.7 percent to $1,778.70 an ounce.

The dollar fell 0.5 percent on Thursday, making gold less expensive for buyers abroad

Powell said on Wednesday that the time has come to slow down the pace of the next hike in US interest rates

Market participants now largely expect the US central bank at its next meeting in December to raise interest rates by 50 basis points.

Investors are now awaiting the US non-farm payrolls data, which is expected to be released by the Labor Department on Friday, which may influence monetary policy decisions.

As for other precious metals, silver fell in spot transactions by 0.6 percent, to $ 22.07 an ounce. Platinum rose 0.2 percent to $1,034.75 an ounce, and palladium rose 0.5 percent, to $1,889.63 an ounce.