Gold
futures climbed on Thursday as further weakness in the U.S. dollar and
haven demand for the metal lifted prices to their highest settlement
level since late October.
April gold added $16.20, or 1.4%, to settle at $1,157.50 an ounce–the highest closing level for futures prices since Oct. 28.
New
York Fed President William Dudley on Wednesday hinted that tighter
financial conditions could prompt the central bank to delay its next
interest-rate hike after signaling that it could act four times this
year after its first rate hike in nearly a decade in December. The
prospect of lower rates for longer is a boon for gold, which doesn’t
offer a yield.
Against that backdrop, the dollar fell Wednesday and extended its losses into Thursday.
Adding
to gold’s gains has been mounting fear that more countries will slip
into negative interest rates and central banks across the world will
loosen policy. That has spurred flight-to-safety bids, particularly into
hard assets like gold.
Gold’s
sister metal also finished higher for a second straight session on
Thursday. March silver picked up 11.6 cents, or 0.8%, to $14.85 an
ounce.
Elsewhere
on Comex, March high-grade copper ended 3.7 cents, or 1.7%, higher at
$2.132 a pound. April platinum gained $26.20, or 3%, at $906.30 an
ounce, while March palladium added a nickel to $515.60 an ounce.
Source: MarketWatch
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