Gold rises as traders reassess positions after Fed rate hike, oil rally eases
GLD•Silver, platinum and palladium also rise
Spot silver XAG= rose 2.2% to $64.32 per ounce, platinum XPT= gained 1.9% to $1,784.23 and palladium XPD= climbed 1.6% to $1,289.95.
Gold climbs after Fed hike and weaker dollar
Gold climbed almost 2% from a near-six-week low on Thursday, as investors reassessed their positions after the Federal Reserve's first rate hike in three years, and the U.S. dollar and oil prices eased.
Spot gold XAU= was up 1.8% at $4,339.53 per ounce, as of 1154 GMT, after hitting $4,234.65, the lowest since August 7, on Wednesday. U.S. gold futures GCcv1 for December delivery were down 0.2% to $4,379.30.
"I suspect the market may have gotten itself over-positioned on the expectation of a rate hike, as the likelihood grew. And now that it's happened, those positions are being squared out," independent analyst Ross Norman said.
The dollar eased from a seven-week high, making greenback-priced bullion more affordable for holders of other currencies, while oil prices extended their fall on diminishing fears of supply disruptions. USD/ O/R
