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The Financial Express

Gold prices touch two-week high

| Updated: October 25, 2017 02:48:28


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Gold prices rose to their highest in two weeks on Thursday amid a muted dollar, after minutes from the US Federal Reserve's September policy meeting revealed low inflation concerns.

Spot gold was up 0.2 per cent at $1,294.29 an ounce by 0338 GMT, after earlier marking its best since Sept. 27 at $1295.45, reports Reuters.

US gold futures for December delivery climbed 0.6 per cent to $1,296.50 per ounce.

Gold is highly sensitive to rising interest rates, as these tend to boost the dollar, the currency in which the metal is priced.

Spot gold may test resistance at $1,299 per ounce, with a good chance of breaking above this level and rising more towards the next resistance at $1,305, Reuters technicals analyst Wang Tao said.

Silver edged up 0.1 per cent to $17.18 an ounce. Platinum was 0.2 per cent higher at $929.55 an ounce, having hit a two-week high in the previous session.

Palladium was unchanged at $959.10 an ounce.

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