Metals Stocks: Gold trades at highest level since August as dollar softens to 2-month low


Gold prices advanced further on Friday after settling at their highest level since August on Thursday as expectations that the Federal Reserve might slow the pace of interest-rate hikes in December have helped to boost the yellow metal, and have weighed on the U.S. dollar.

Price action

Gold futures for December 


rose $8.10, or 0.5%, to $1,761 per ounce on Comex, around the highest level for an most-active gold contract since August.

Silver futures


for December fell 19 cents, or 0.9%, to $21.52 per ounce.

Palladium futures

for December rose $39.80, or 2%, to $1,994 per ounce, while platinum futures

for January rose $3.50, or 0.3%, to $1,058.80 per ounce.

Copper futures for December

rose 9 cents, or 2.3%, to $3.85 per pound.

What’s happening

Gold rallied sharply on Thursday as the dollar tumbled to a two-month low, largely driven by the U.S. October consumer-price index data, which has helped stoke expectations that the dollar may have reached its peak, or at least is close to it.

“The near-term outlook for gold has improved and a continued move towards $1,800/oz. is very much a possibility as we can say the uptrends in both yields and the dollar have at least paused after this week’s big moves,” according to the Sevens Report Research.

The ICE U.S. Dollar Index

has fallen 1% to 107.08.

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