Gold is at the highest level in 9 weeks

On Thursday, gold prices rose to a nine-week high thanks to a weaker dollar and bets that the Federal Reserve may soon halt its rate-raising cycle.

And by 0325 GMT, spot gold rose 0.5 percent to $ 1987.18 an ounce, the highest level since mid-May. US gold futures rose 0.4 percent to $1,988.80.

Low interest rates help gold because they reduce the opportunity cost of holding non-yielding bullion.

The dollar index fell 0.2%, near its lowest level in more than a year, making gold cheaper for holders of other currencies.

The US central bank is expected to raise interest rates by 25 basis points at its meeting next week, to keep them in the range of 5.25-5.5 percent in 2023, according to CME’s Fed Watch tool.

As for other precious metals, spot silver increased 0.3 percent to $25.23 an ounce, platinum rose 0.1 percent to $973.81, while palladium fell 0.2 percent to $1,305.54.