Thursday, 16 March 2017

Gold Hits One-Week High As Fed Signals Only Gradual Rate Hikes

Gold prices rose to a one-week high on Thursday as the dollar fell after the U.S. Federal Reserve stuck to a less hawkish stance on further interest rate hikes this year.















FUNDAMENTALS
* Spot gold rose 0.3 percent to $1,222.20 per ounce, the highest since March 7, at 0028 GMT.

* U.S. gold futures climbed 1.72 percent to $1,221.3.

* Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.53 percent to 839.43 tonnes on Wednesday from 834.99 tonnes on Tuesday.

* The dollar wallowed at a one-month low early on Thursday after the Fed sounded less hawkish, while the euro stood tall as Dutch election exit polls gave the country's prime minister a big lead over his far-right rival.

* The dollar index against a basket of major currencies extended losses from the previous day, when it slid more than 1 percent, to touch 100.490 , its lowest since Feb. 17.

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