Gold prices advanced further on Friday after settling at their highest level since August on Thursday as expectations that the Federal Reserve might slow the pace of interest-rate hikes in December have helped to boost the yellow metal, and have weighed on the U.S. dollar.
Gold futures for December
rose $8.10, or 0.5%, to $1,761 per ounce on Comex, around the highest level for an most-active gold contract since August.
for December fell 19 cents, or 0.9%, to $21.52 per ounce.
for December rose $39.80, or 2%, to $1,994 per ounce, while platinum futures
for January rose $3.50, or 0.3%, to $1,058.80 per ounce.
Copper futures for December
rose 9 cents, or 2.3%, to $3.85 per pound.
Gold rallied sharply on Thursday as the dollar tumbled to a two-month low, largely driven by the U.S. October consumer-price index data, which has helped stoke expectations that the dollar may have reached its peak, or at least is close to it.
“The near-term outlook for gold has improved and a continued move towards $1,800/oz. is very much a possibility as we can say the uptrends in both yields and the dollar have at least paused after this week’s big moves,” according to the Sevens Report Research.
The ICE U.S. Dollar Index
has fallen 1% to 107.08.
Read the original article