Monday, 12 October 2015

Gold Near 7-Week High As Traders See Delay In US Rate Hke

Gold was trading near its highest in seven weeks on Monday, bolstered by expectations the Federal Reserve will not hike US interest rates soon. 
* Spot gold was little changed at USD 1,156 an ounce by 0043 GMT, after gaining 1.6 percent in the previous session. 
* The metal climbed to USD 1,159.80 on Friday, its highest since Aug. 28, after minutes from the Fed's September policy meet showed that the central bank was deeply cautious about tightening monetary policy.
 * Weakness in the dollar, which fell to a three-week low on Friday, also helped support gold.
 * A delayed rate rise could support non-interest-paying gold, although uncertainty over the timing could weigh on prices in the near term. 
* Two influential Fed policymakers on Friday reinforced Fed Chair Janet Yellen's message that a rate hike is coming by year's end. 
* Fed policymakers are still likely to raise rates this year but that is "an expectation, not a commitment", and could change if the global economy pushes the US economy further off course, Fed Vice Chairman Stanley Fischer said over the weekend. 
* Recent weak US data and concerns over the global economy have prompted many to believe the first US rate hike in nearly a decade will not come this year.

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