Gold ticks higher on receded rate hike hopes

Markets 7/17/2017, 2:39 PM
Gold ticks higher on receded rate hike hopes

Precious metals traded in the green on Monday with gold flirting around the $1,233 mark as investor confidence diminished over lowered hopes of further US Federal Reserve interest rate hikes. Last week's worse-than-expected inflation and domestic demand data also supported the overall shift towards more safe-haven assets such as gold. Influenced by the same factors, the dollar grew weaker, providing further support for the rise of the yellow metal.

Spot gold added 0.48%, changing hands for $1,243.43 per ounce at 2:34 pm CET. Silver was also ticking higher, gaining 1.02% to trade for $16.14 per ounce at 2:35 pm CET. In the meantime, platinum rose 1.19% to sell for $932.50 per ounce at 2:35 pm CET while palladium increased 0.64% to change hands for $863 per ounce at 2:36 pm CET. 

The euro was almost flat against the greenback, edging down 0.03% to trade for 1.14634 at 2:37 pm CET. 

TeleTrader Newsroom / VK

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Gold US Dolla...-0.02%

1,310.98
Chart for: Gold US Dollars per Ounce Spot Prices

Silver US Dol...-0.11%

17.30
Chart for: Silver US Dollars per Ounce Spot Price

Platinum US D...-0.05%

953.50
Chart for: Platinum US Dollars per Ounce Spot Price

Palladium US ...0.00%

911.50
Chart for: Palladium US Dollars per Ounce Spot Price