Gold hits 6-month high amid dollar’s decline

Gold prices stabilized after touching the highest level in six months today, as expectations that the Federal Reserve (the US central bank) would end the cycle of raising interest rates kept the dollar and Treasury bond yields under pressure. Gold rose in spot transactions 0.1% to $2,015.33 per ounce by 0643 GMT, after reaching its highest levels since May 16.

US gold futures for December delivery also increased 0.2% to $2,015.70 per ounce. The dollar index touched its lowest levels since late August against major competing currencies, making gold less expensive for holders of other currencies.

In other precious metals, silver settled in spot transactions at $24.62 per ounce, while platinum rose 0.3% to $921.49, while palladium fell 0.6% to $1064.15 per ounce.