Gold prices recover from two-month low as dollar rally stalls
GLD•Gold rose 0.7% to $4,141.09 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; markets priced an 80% chance of a December increase.
1. Gold rebounds
Spot gold gained 0.7% to $4,141.09 per ounce by 0140 GMT, recovering after hitting its lowest level since August 5 on Wednesday. U.S. gold futures for December delivery rose 0.6% to $4,165.10. The dollar eased from an 18-month peak, making dollar-denominated gold less expensive for holders of other currencies.
2. Rate outlook and metals
Fed policymakers were divided last month over the rationale for raising interest rates, minutes showed. Traders saw an 18% chance of a rate hike later in October and an 80% likelihood of an increase in December. Spot platinum rose 2.1% to $1,665 an ounce, palladium gained 1.6% to $1,142.86, and silver was little changed at $60.18.
