Gold rises back towards 3-month high, markets eye Fed minutes
CNBC - Gold firmed on Thursday, edging back towards the three-month peak it reached earlier in the week on the back of dollar weakness, with the market focusing on minutes of the U.S. Federal Reserve’s December policy meeting.
Spot gold was up 0.7% to $1,527.40 per ounce. U.S. gold futures were up 0.5% at $1,530.30.
“We are seeing a bit of a bounce-back in the dollar but if you look at the movements that we saw (in the past few days), it is probably supporting gold in the interim,” said OANDA analyst Craig Erlam. The negative correlation between the dollar and bullion is what really propelled gold from $1,480 to $1,520, he said, but further upside in the U.S. currency could put pressure on gold.