Gold futures finished
higher on Thursday, ending a string of losses that took prices to their
lowest level in a month as investors continued to look for hints on the
outcome of the Federal Reserve’s policy meeting next week.
Gold for December
delivery picked up $7.30, or 0.7%, to settle at $1,109.30 an ounce on
Comex. Prices fell to their lowest settlement level since Aug. 7 on
Wednesday, which marked their 10th loss in a dozen sessions, excluding
the Monday holiday.
The push higher for
gold came amid volatility in U.S. stocks, which turned higher, reversing
downward momentum earlier in Thursday’s session. But gold prices may
have not yet found a bottom, some analysts say.
Higher rates are a
boon for the dollar but make dollar-denominated assets like gold more
expensive to purchasers in other currencies.
In other metals,
December silver gained 6.9 cents, or 0.5%, to $14.645 an ounce and
December high-grade copper ended at $2.447 a pound, up 1.1 cents, or
0.4%.
Source: MarketWatch
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