Economic news

Gold firms amid capped dollar's rise

Gold futures firmed in Thursday staying not far from the multimonth peaks scaled earlier this week, with swings in dollar prices subdued and cautious investors' mood supporting the yellow metal.

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Gold futures for December delivery traded at $1,227.40 an ounce. The bullion is rising almost 3 percent so far for October. December silver sank 0.6 percent to $14.58 an ounce.

The ICE U.S. Dollar Index DXY hovered at 95.62 on Thursday. The dollar index has risen 3.7 percent year to date amid recent interest rates hikes by the Federal Reserve.

Minutes from September Fed's policy meeting showed that a majority of policymakers considering further interest rates increases until policy becomes limitative, which could create some problems to gold bulls because rising rates are likely to support the greenback and make risk-free government bonds a more attractive asset for investors.


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