Gold Up as Dollar Inches Down, but Moves Small

Gold Up as Dollar Inches Down, but Moves Small – Gold was up on Thursday morning in Asia, extending small gains into a third session thanks to a weakening dollar.

Gold futures edged up 0.12% to $1,787 by 12:02 AM ET (4:02 AM GMT), sticking within the $1,759 to $1,788 range that the yellow metal has traded in throughout the week. The dollar, which normally moves inversely to the dollar, inched down on Thursday and helped gold trade at the higher end of the range.

Two U.S. Federal Reserve officials said on Wednesday while asset tapering should begin soon, it was too soon to hike interest rates. Fed Governor Randal Quarles said he favors an initial move to begin asset tapering in November 2021, but added that mounting inflationary pressures that could require a policy response were also a concern.

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