Sundaymail Editor
Gold prices rose to a fresh eight-month high on Thursday, helped by a weaker dollar, as investors braced for a US inflation report expected to provide clues to the Federal Reserve’s rate-hike path.
Spot gold was up 0,6 percent at $1 886,62 per ounce by 1249 GMT, after hitting its highest since May 6 earlier in the session.
U.S. gold futures also gained 0,6 percent to $1 890,10.
“Gold seems to be drawing strength from investor caution ahead of the key US inflation report this afternoon,” FXTM analyst Lukman Otunuga said.
“The precious metal continues to trade around the $1 880 resistance level and may remain buoyed by a shaky dollar.
“Nevertheless, prices remain bullish and could push higher if inflation continues to cool in the largest economy in the world.”
The dollar languished near seven-month low against its rivals, making gold more attractive for other currency holders. – Reuters
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