Gold shines as the dollar declines ahead of the Fed minutes

Gold prices rose on Wednesday, supported by a slight decline in the dollar, as investors looked forward to the release of the minutes of the Federal Reserve’s monetary policy meeting for the month of September, as well as inflation data, for indications on the path of raising interest rates.

And gold prices in spot transactions rose 0.2 percent to $ 1668.40 an ounce, by 0908 GMT, after falling for five consecutive sessions.

US gold futures fell 0.6 percent to $1,675.50.

The dollar fell 0.1 percent against other currencies, making gold less expensive for buyers of other currencies.

The Federal Reserve’s latest meeting minutes are due at 1800 GMT on Wednesday, followed by US CPI data on Thursday which is expected to continue rising.

The Fed has raised interest rates significantly since March to tame hyperinflation, which also negatively affected the attractiveness of the precious metal, as higher interest rates increased the opportunity cost of holding non-yielding bullion.

As for other precious metals, spot silver prices fell 0.1 percent to $19.18 an ounce, platinum rose 0.7 percent to $891.64, and palladium rose 0.6 percent to $2153.55.