Gold higher, dollar down on Fed rate hike doubts
Precious metals traded mostly in the green on Wednesday while dollar lost ground as investors remained doubtful of the timing of the United States Federal Reserve next interest rate hike. The yellow metal has followed a downward trend in the past few weeks amid market speculations regarding a new rate increase this December. However, since the expectations of the December hike have gone down, the metal became a more attractive investment once again.
The spot gold price added 0.63% to trade for $1,269.60 per ounce at 3:00 p.m. CET. Silver gained 0.48%, changing hands for $17.71 per ounce at 3:01 p.m. CET. Meanwhile, platinum shed 0.16% at $944 per ounce while palladium rose 0.31% to trade for $639.50 per ounce at 3:01 p.m. CET.
The dollar index spot traded flat, adding 0.03% at 97.89 at 3:03 p.m. CET. The greenback was 0.16% higher against the euro at 1.0963 and 0.01% lower against the British pound at 3:04 p.m. CET.