Gold prices rose in Europe on Wednesday to close again from a three-month high, but gains restrain the recovery of the US currency against a basket of currencies ahead of the latest Fed meeting minutes, Economic situation in the country.
Gold prices rose by 0.2% as of 10:22 GMT to trade at $ 1,226.55 per ounce from the opening level of $ 1,224.35 and recorded the highest level of $ 1,228.14 and the lowest level of $ 1,220.65.
Yellow metal prices ended yesterday’s trading down 0.2% on correction and profit taking after recording a three-month high of $ 1,233.26 an ounce the day before.
The dollar index rose more than 0.1% on Wednesday, extending its second consecutive day of gains from a three-week low of 94.46 points, reflecting the recovery of the US currency against a basket of major and minor currencies, which does not favor the rise in gold prices And other metals denominated in US dollars.
The recovery of US currency levels comes ahead of the minutes of the last meeting of the Federal Reserve, which took place on 25-26 September last, and resulted in keeping interest rates unchanged unchanged at 2.25%.
The minutes will be released by 6 pm GMT and are expected to include new evidence on the pace of tightening US monetary policy and raising interest rates, especially in view of confidence in the country’s strong economic growth and satisfaction with current inflation levels.
Gold holdings at SPDR Gold Trust The world’s largest gold-backed fund was unchanged yesterday at 748.76 metric tons, the highest since August 31.