Gold recovers as dollar falls on bets on a slower rate of hike

Gold rose on Wednesday as the dollar and US Treasury yields fell amid expectations that the Federal Reserve may slow the pace of interest rate hikes.

And gold rose in spot transactions 0.7 percent, recording 1663.26 dollars an ounce by 0644 GMT. US gold futures rose 0.6 percent to $1,667.10 an ounce.

US 10-year Treasury yields fell as weak US data fueled speculation about a less hawkish monetary policy trend from the US central bank, while the dollar index touched its lowest level since Oct. 5, adding to the yellow metal’s attractiveness to holders of other currencies.

As for other precious metals, silver increased 1.1 percent to $19.56 an ounce, platinum rose 0.9 percent to $922.90 an ounce, and palladium rose 2.1 percent to $163.81.