Gold ticks up from near six-week low as investors weigh Fed outlook
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Gold edges higher after six-week low
Sept. 17 (Reuters) - Gold prices nudged higher on Thursday after hitting a near six-week low in the previous session, as investors assessed the U.S. Federal Reserve's interest-rate increase and its signal that further tightening may follow.
- Spot gold
XAU=was up 0.5% at $4,283.45 per ounce, as of 0015 GMT, after hitting its lowest level since Aug. 7 on Wednesday. - U.S. gold futures
GCcv1for December delivery were down 1.5% at $4,321.80. - The Fed raised interest rates on Wednesday and flagged more hikes in the coming months, with new U.S. central bank chief Kevin Warsh joining a unanimous decision that effectively acknowledges the Trump administration's inability so far to control inflation that policymakers worry could worsen.
- "There's been a pretty wide-ranging set of data, including the labor markets, that the economy has strengthened," Warsh told reporters in listing the reasons that prompted him to support a rate hike after advocating that rates should remain on hold at the Fed's July 28-29 meeting.
- Rising interest rates tend to pressure gold by increasing the appeal of interest-bearing assets.
