Gold was still under pressure Thursday after hitting the lowest level in almost a week yesterday against the backdrop of the stronger dollar as traders await fresh developments on the U.S. federal shutdown.
Gold prices were slightly changed following Wednesday's hectic trade as the greenback rose on news President Barack Obama is nominating Janet Yellen to lead the Federal Reserve and be his independent co-steward of the economy, calling her "one of the nation`s foremost economists and policy makers." He also began meetings with top congressional leaders to resolve the U.S. fiscal logjam.
- Spot Gold was up 0.34% to $1,306.49 an ounce
- Spot Silver was up 0.20% to $21.91 an ounce
- Spot Platinum was up 0.30% to $1,385.20 an ounce
- Spot Palladium was up 0.08% to $704.25 an ounce
Even after the close in Asia, gold is holding in the very low range of $1,300 in Europe.
Amidst the political hustle in Washington, the dollar`s next move is likely to determine the precious metal's upcoming direction; however, gold will continue to receive more support after the U.S. budget impasse is resolved.
The U.S. Dollar Index rose against a six-currency basket form its lowest level in eight months for the third straight day in a row so far. The USDIX is holding now around 80.57 after settign a session high of 80.67 from the opening at 80.49.
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Stronger Dollar Keeps Lid On Gold Near $1,300
Published 10/10/2013, 05:00 AM
Updated 07/09/2023, 06:31 AM
Stronger Dollar Keeps Lid On Gold Near $1,300
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