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Precious Metals Preview: Gold Spikes, Dollar Index Tumbles

24 November 2017, 01:51 | Rodolfo Wallace

Precious Metals Preview: Gold Spikes, Dollar Index Tumbles

Precious Metals Preview: Gold Spikes, Dollar Index Tumbles

The yen rose to a nine-week high against the dollar. The dollar later came off that low and last fetched 111.29 yen, up 0.1 percent on the day. The Fed kept interest rates unchanged at its last meeting, minutes of which will be released on Wednesday.

Japan and United States markets are closed on Thursday for a holiday, while South Korean markets open later than usual due to school exams.

The greenback nursed its losses after sliding almost 1.1 percent against the yen on Wednesday, its biggest one-day drop since mid-May.

However, the central bank added that economic data will determine the timing of future rate hikes, which could mean a slower pace than expected for 2018. Gold's gains accelerated after the Fed minutes, as the dollar fell to a two - month low versus the Japanese yen, a one - month low against the Swiss franc and its lowest since October 20 against a basket of currencies.

The Bloomberg Dollar Spot Index dropped 0.7 per cent.

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Spot gold was up 0.9 percent at $1,292.32 an ounce by 1:38 p.m. EST (1838 GMT), while USA gold futures for December delivery settled up $10.50, or 0.8 percent, at $1,292.20 per ounce.

US dollar index tumbled to a one month low around 93 mark on lack of clarity abount a December rate hike from the US Fed. At that meeting, the Fed held interest rates steady between 1% and 1.25%.

On the economic front, US new orders for manufactured durable goods in October decreased 2.8 billion USA dollars or 1.2 percent to 236 billion dollars, missing market projection of a 0.4-percent gain, the Commerce Department announced Wednesday.

"I think the market is pricing in MAS returning to a tightening stance", said Lee Jin Yang, macro research analyst for Aberdeen Standard Investments, referring to the chances that the Monetary Authority of Singapore (MAS), the city-state's central bank, could tighten its exchange-rate based policy next year.



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