Gold prices climbed above $1,340 per ounce on Friday afternoon in London after the dollar softened on the lack on the lack of a clear signal from Fed chair Janet Yellen about whether the US central bank will raise rates in September.
– Although Yellen delivered a hawkish statement at today’s Jackson Hole meeting, saying the case to raise interest rates “has strengthened in recent months”, prediction markets do not expect the Fed to move in September and are only assessing a 42-percent chance that the Fed raises rates at all this year, according to CME Group FedWatch.
– The spot gold price was last at $1,337.60/1,337.90 per ounce, up $16.05 on the previous close and not far from a high of $1,342.15, while the dollar index tumbled to a one-week low – it was last at 94.55.
– In the other precious metals, silver was last at $18.890/18.910 per ounce, up 35 cents. Platinum at $1,075/1,080 was $8 higher and palladium at $692/697 was up $9.
(Editing by Mark Shaw)
The post Gold climbs above $1,340/oz, dollar softens on US rate doubts appeared first on The Bullion Desk.
Read More
Source: Bullion Desk News
