Spot gold rose 0.5% to $1,934.69 per ounce. US gold futures were up 0.8% at $1,937.80.
“Once inflation starts to heat up again, which I think it will, it’s going to work in (gold’s) favor, even in the face of aggressive Fed monetary policy.”said Jim Wycoff, a senior analyst at Kitco Metals.
The minutes of the Fed’s March meeting showed a There was growing concern among policymakers that inflation had swept through the economy, and “many” participants were prepared to raise interest rates in sharp 50 basis point increments at upcoming meetings.
Rising interest rates in the United States increase the opportunity cost of holding gold bullion, while boosting the dollar.
The dollar index fell from almost two-year highs reached earlier in the session, while 10-year US Treasury yields also held close to multi-year highs hit on Wednesday.
Among other metals, palladium rose as much as 3.7% to around $2,278, silver gained 0.6% to $24.58 an ounce and platinum advanced 0.9% to $961.53.
Source: Ambito
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