Gold News

Gold steady at $940 as investors wait on the Dollar

Gold steady at $940 as investors wait on the Dollar

On Wednesday, gold rose as the dollar fell versus most other major currencies

Gold kept climbing for the third straight session on Thursday, though it struggled to rise decisively above $940 per ounce as a halt in the slide of the dollar curbed buying. On Wednesday, gold rose as the dollar fell versus most other major currencies after an unexpectedly small rise in U.S. inflation and a debt rating downgrade for U.S. banks from Standard & Poor’s. Investors were reluctant to trade currencies actively before hearing the Federal Reserve’s stance on rate moves and bond buying at its two-day meeting next week after a spike in long-term yields this month. Gold is trading at $938 as of 9:41am, London Time. Gold