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Gold Rises As Dollar Weakens On Dovish Fed

Fri, 11th Jan 2019 11:19


WASHINGTON (Alliance News) - Gold prices rose on Friday and the dollar retreated after Federal Reserve Chairman Jerome Powell predicted no recession in 2019 and said the US central bank will be patient in determining when to hike interest rates.

Fed Vice Chairman Richard Clarida also said the Fed could afford to take a wait-and-see stance on interest rates if headwinds to the economy from financial markets or global growth prove persistent.

Spot gold rose 0.7% to USD1,293.35 per ounce, on track for a fourth straight weekly gain. US gold futures were up half a % at USD1,293.50 per ounce.

The US dollar slipped against other major currencies as the partial federal government shutdown entered its 21st day, raising concerns about the economy.

President Donald Trump threatened on Thursday to declare an emergency so that he can bypass Congress to pay for a wall on the US-Mexico border.

Investors also await further progress in the Sino-US trade talks.

Copyright RTT News/dpa-AFX

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