Gold Rises on Dollar Weakness, Eyes on Fed

Gold prices rose on Monday, September 14th, boosted by the dollar’s weakness, while investors are looking to the US Federal Reserve meeting this week to get indications regarding stimulus measures and inflation target.

The gold spot rose 0.2% to 1944.69 dollars an ounce by 06:47 GMT. And gold in US futures increased 0.3% to $ 1953.20.

The dollar index fell 0.2% against its rivals, amid focus on the Council’s policy announcement on Wednesday. A weak dollar increases the cost of gold for holders of other currencies. But the gold’s advance was limited by investors ’appetite for riskier assets, with the return of hopes for a possible Covid-19 vaccine after AstraZeneca resumed clinical trials.

The spot price of silver increased by 0.3% to $ 26.82 an ounce, and platinum jumped 1.3% to $ 936.91, while palladium lost 0.5% to $ 2309.14 an ounce.