Gold rises as traders reassess positions after Fed rate hike, oil rally eases
GLD•Other precious metals rise
Spot silver XAG= rose 1.5% to $63.91 per ounce, platinum XPT= gained 1.2% to $1,772.26 and palladium XPD= climbed 1.4% to $1,287.17.
Gold rises as dollar softens and oil prices ease
Sept. 17 (Reuters) - Gold climbed more than 1% on Thursday as a softer dollar and easing oil prices lent support, while investors assessed the Federal Reserve's latest rate hike and prospects for further policy tightening.
Spot gold XAU= was up 1.1% at $4,308.57 per ounce, as of 1022 GMT, after hitting a near-six-week low on Wednesday. U.S. gold futures GCcv1 for December delivery were down 0.9% to $4,348.10.
"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.
Meanwhile, 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
