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1st LD Writethru: Gold futures close higher after dovish Fed Minutes

Xinhua, October 10, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rebounded Friday as the minutes from the U.S. Federal Reserve's September meeting released later Thursday showed no hurry to raise interest rate.

The most active gold contract for December delivery advanced 11.60 U.S. dollars, or 1.01 percent, to settle at 1,155.90 dollars per ounce.

For the week, gold futures was up 1.70 percent.

According to the minutes of the Fed September meeting released Thursday after the market was closed, the Fed postponed its decision to raise the interest rate in September considering that the turbulent global economic and financial market development posed downside risks to the U.S. economic outlook. Analysts said that the minutes were dovish and a delay of rate rise supported gold as gold bears no interest.

The U.S. dollar also inched down against most major currencies following the dovish Fed minutes, giving additional support to gold futures Friday.

Silver for December delivery added 5.20 cents, or 0.33 percent, to close at 15.818 dollars per ounce, while platinum for January delivery gained 25.80 dollars, or 2.70 percent, to close at 981.40 dollars per ounce. Endit