Gold prices rose on the European market on Thursday, supported by a halt to the dollar’s rally against a basket of world currencies. The gains were dampened by the minutes of the Fed’s latest meeting, which boosted the likelihood of further tightening US monetary policy and raising interest rates for the fourth time this year.

Gold prices rose by 0.2% as of 09:30 GMT to trade at $ 1,224.34 per ounce from the opening level of $ 1,221.91 and recorded the highest level of $ 1,224.55 and a low of $ 1,218.17.

Yesterday, gold prices lost 0.25%, the second consecutive daily loss, after the broad US dollar rose against a basket of currencies, after the Federal Reserve’s record.

The dollar index fell 0.1% on Thursday, after a large gain yesterday, reversing the rise of the greenback against a basket of currencies, which currently supports the recovery of gold and other metals denominated in US dollars.

Expectations for the US currency to return quickly to achieve gains against most of the major currencies and secondary, especially after the minutes of the recent meeting of the Federal Reserve raised the possibility of continuing tightening monetary policy and raise interest rates for the fourth time this year.

The minutes of the 25-26 September meeting showed that the Central Bank’s monetary policy makers agreed on the need to increase interest rates further to keep up with the quality of sustained economic growth, labor market strength and improved inflation.

Gold holdings at SPDR Gold Trust fund was unchanged yesterday for a second straight day, remaining at 748.76 metric tons, the highest since August 31.