Gold Futures Flat As Dollar Holds Steady

My FX Forum

Staff member
Gold prices are moving in a tight range Thursday morning, with the U.S. dollar trading higher against most major currencies.

The dollar is firmly up in positive territory after the Fed hiked interest rate by 25 basis points on Wednesday and hinted at another hike this year and three more increases in 2019.

The dollar index is up 0.26 points, or 0.28%, at 94.14.

Gold futures for December are down marginally at $1,199.00 an ounce. On Thursday, gold futures ended down $6.00, at $1,199.10 an ounce.

Silver futures for December are losing $0.068, or 0.47%, at $14.425 an ounce, while Copper futures are down $0.032, or 1.13%, at $2.796 per pound.

The Fed's statement on Wednesday said the central bank foresees another rate hike in December followed by three more in 2019, and one additional increase in 2020.

The Fed dropped the word "accommodative" to describe its monetary policy stance in its statement, but said the change does not signal any change in the bank's path toward normalizing monetary policy. The policymakers revised upward their outlook for U.S. economic growth in 2018 and 2019.