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Gold prices were higher on Thursday, rising above the $1,300 level as the dollar lost the momentum from a decision by the U.S. Federal Reserve to raise interest rates.
Gold futures for August delivery on the Comex division of the New York Mercantile Exchange were up $0.3 or 0.02% to $1,301.60 a troy ounce by 11:08 PM ET (03:08 AM GMT), supported by a softer dollar.
Gold prices jumped to $1,303.2 from below the $1,300 level overnight after the Fed’s rate hike decision hit the markets. The prices have held on well above the $1,300 level since then.
Gold prices are denominated in U.S. dollars, so the movement of the U.S. dollar index impacts the gold price. On Thursday, the U.S. dollar index that measures the greenback’s strength against a basket of six major currencies was down 0.03% to 93.53, giving up gains despite a promising outlook for the U.S. economy.
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