Gold prices recover from two-month low as dollar rally stalls
GLD•Spot gold rose 0.5% to $4,132.66 an ounce after touching a two-month low, as the dollar eased from an 18-month peak. Traders weighed divided Fed views on rate hikes and market expectations for a possible increase in December.
1. Gold rebounds
Spot gold gained 0.5% to $4,132.66 per ounce by 0140 GMT, recovering from a two-month low touched on Wednesday. U.S. gold futures for December delivery rose 0.4% to $4,157.60 as the dollar eased from an 18-month peak.
2. Rate outlook
Fed policymakers were divided last month over the rationale for raising rates, minutes showed. Traders saw an 18% chance of a hike later in October and priced in an 80% likelihood of an increase in December. Higher rates diminish the appeal of non-yielding gold.
3. Other metals rise
Spot silver rose 0.4% to $60.36, platinum added 1.8% to $1,660.05 and palladium climbed 1.6% to $1,142.00. IMF Managing Director Kristalina Georgieva warned that high energy prices, public debt and risks from the AI investment boom threaten global growth.
