Gold rises with the decline of USD

Spot gold rose on Thursday as the dollar fell, but Federal Reserve Chairman Jerome Powell’s hawkish comments about raising interest capped the precious metal’s gains.

And by 0046 GMT, spot gold rose 0.1 percent to $ 1815.58 an ounce, after reaching its lowest level in a week on Wednesday. There was little change in US gold futures contracts, and they remained at $ 1819.10 an ounce.

The dollar index retreated from its highest level in three months, which it reached on Wednesday, which makes the precious metal cheaper for buyers of other currency holders.

On Wednesday, Powell reiterated his message of a higher and possibly faster rate hike, but noted that the debate was still going on, and that the decision was contingent on data coming out before the central bank’s policy committee meeting in two weeks’ time.

As for other precious metals, silver settled in spot transactions at $20.01 an ounce. Platinum rose 0.1 percent to $938.23 an ounce. Palladium rose 0.2 percent to $1,375.47 an ounce.