As the dollar and U.S. bond yields fell on Wednesday, gold prices increased to a two-week high on speculation that the Federal Reserve might tone down its hawkish policy of rate hikes from December. After reaching its highest level since October 13, spot gold increased by 1% to $1,669.22 per ounce. At $1,673.80, U.S. gold futures were also up 1%.

“Over the last few sessions, we’ve seen yields decline, the dollar weakens, and as a result, we’ve seen a fresh purchase in the gold market,” said David Meger, director of metals trading at High Ridge Futures. Spot silver increased 1.3% to $19.59 per ounce, platinum increased 3.2% to $944, and palladium increased 1% to $1,943.13. Gold became more affordable for holders of other currencies as the dollar’s losses versus its competitors accelerated to a more than one-month low.

Benchmark The yield on U.S.10-year Treasury notes fell to a one-week low. The Fed is still largely anticipated to increase interest rates in November by 75 basis points. Concerns over supply and a falling dollar drove up the price of crude oil, although reports on U.S. stockpiles restrained gains.

At $94.06 per barrel, December Brent crude futures were up 0.59 percent. The December contract for U.S. West Texas Intermediate (WTI) crude oil was up 0.94 percent at $86.12. Oil became more affordable for owners of other currencies as a result of the U.S. dollar’s decline, sending a bullish signal.

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