Gold hits 3-month high as dollar slips

Gold prices hit a three-month high on Tuesday as the dollar fell, amid hopes the Federal Reserve will ease its policy of raising interest rates in the future.

Spot gold rose 0.5% to $1,779.94 an ounce by 0745 GMT, its highest since August 17. US gold futures rose 0.4 percent to $1,783.50.

The dollar fell 0.6 percent to its lowest level in three months against rival currencies, which makes the precious metal more attractive to holders of other currencies.

Federal Reserve Vice Chair Lyle Brainard indicated on Monday that the US central bank is likely to slow interest rate increases soon, while stressing that the bank still has more steps to do.

Gold prices have risen more than $160 since hitting a one-month low earlier this month, with data showing a slight rise in the US unemployment rate in October and signs of slowing inflation fueled optimism for an easing of Federal Reserve policy, which led to A sharp drop in the dollar.

As for other precious metals, spot silver rose one percent to $22.19 an ounce, the highest level since early June.

The price of platinum increased 1.4 percent to $ 1031.63, and palladium rose one percent to $ 2046.34.