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Stronger dollar keeps lid on gold near $1,300
Gold was still under pressure Thursday after hitting the lowest level in almost a week yesterday against the backdrop of the stronger dollar as traders await fresh developments on the U.S. federal shutdown.
gold prices were slightly changed following Wednesday`s hectic trade as the greenback rose on news President Barack Obama is nominating Janet Yellen to lead the Federal Reserve and be his independent co-steward of the economy, calling her “one of the nation`s foremost economists and policy makers.” He also began meetings with top congressional leaders to resolve the U.S. fiscal logjam.
- Spot Gold was up 0.34% to $1,306.49 an ounce
- Spot Silver was up 0.20% to $21.91 an ounce
- Spot Platinum was up 0.30% to $1,385.20 an ounce
- Spot Palladium was up 0.08% to $704.25 an ounce
Even after the close in Asia, gold is holding in the very low range of $1,300 in Europe.
Amidst the political hustle in Washington, the dollar`s next move is likely to determine the precious metal`s upcoming direction; however, gold will continue to receive more support after the U.S. budget impasse is resolved.
The U.S. Dollar Index rose against a six-currency basket form its lowest level in eight months for the third straight day in a row so far. The USDIX is holding now around 80.57 after settign a session high of 80.67 from the opening at 80.49.
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