The spot gold price was quoted at $1294.20-1294.50 per oz, up by $2.05 as of 04:38 BST today. Trade has ranged in the $1291.45-1295.48 band so far today.
“Many participants thought that another increase in the target range later this year was likely to be warranted if the medium-term outlook remained broadly unchanged,” minutes from the Federal Open Market Committee meeting in September released on Wednesday October 11 said.
The market took the comment as a slightly dovish signal, causing the dollar to weaken and investors’ appetite for precious metals to rise.
The dollar index declined a further 0.14% to 92.85 as of 5:05 BST today from above 93.5 on Wednesday.
Investors’ concerns over escalating tensions between the USA and North Korea remain high after news emerged on October 9 that North Korea may be about to test a new long-range missile capable of reaching the west coast of the USA, which led further to safe haven demand for the yellow metal.
Silver, PGMs
- In the other precious metals, the spot silver price was up by $0.030 to $17.163-17.225 per oz.
- Platinum was $3 higher at $932.5-935 per oz, while palladium stabilized at $959.5-$963 per oz.
- The SHFE December gold price was up 0.40% to 277.2 yuan ($42.1) per gram, and the most active SHFE December silver was quoted at 3,906 yuan per kg, up by 0.36% from the previous session’s close.
Currency moves and data releases
- The dollar index has declined 0.14% to 92.85 so far today.
- In other commodities, the Brent crude oil spot price was down 0.12% to $56.59 per barrel, and the Texas light sweet crude oil spot price decreased 0.03% to $51.02.
- In equities, the Shanghai Composite Index was down 0.17% to 3,382.49.
- In data today, we have US weekly jobless claims and September’s producer price index , as well as EU industrial production figures for August.
- In addition, European Central Bank president Mario Draghi and US Federal Open Market Committee members Lael Brainard and Jerome Powell are speaking.