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Gold in narrow range

BENGALURU. — Gold prices moved in a narrow range yesterday after losses in the previous session, with robust US economic data and hawkish comments from Federal Reserve policymakers boosting the dollar.

Spot gold was up 0,1 percent at $1,198.16 an ounce at 0103 GMT, after falling about 0,5 percent in the previous session.

US gold futures were down 0,1 percent at $1 202,1 an ounce.

The dollar index against a basket of six major currencies was up 0,3 percent, after climbing to a six-week peak of 96,116 overnight.

US services sector activity raced to a 21-year high in September and companies boosted hiring, signs of enduring strength in the economy at the end of the third quarter. The upbeat reports on Wednesday likely keep the Federal Reserve on track to raise interest rates again in December.

The Fed may raise interest rates above an estimated “neutral” setting as the “remarkably positive” US economy continues to grow, Fed Chairman Jerome Powell said on Wednesday.  Reuters.

Source :

The Herald

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