Gold dips on outlook for US rate hikes
Thursday, 1 February 2018 08:59 WIB | PRECIOUS METALS |GOLDEMAS Spot EmasEmas berjangka

Gold prices inched down early on Thursday after the U.S. Federal Reserve left interest rates unchanged but hinted at hikes later this year.

Spot gold was down 0.2 percent at $1,342.70 per ounce at 01:12 GMT.

U.S. gold futures weakened 0.1% to $1,344.09/oz at 9:45am in Singapore.

Gold prices rose over 3 percent in January, their best month since August, largely due to weakness in the dollar.

The dollar index, which measures the greenback against a basket of currencies was steady at 89.139.

At Fed Chair Janet Yellen's last policy meeting as head of the central bank, the Fed left interest rates unchanged. But its message on inflation signaled it was on track to raise borrowing costs in March under incoming chief Jerome Powell.

Inflation worries generally boost gold, which is seen as a safe-haven against rising prices. But expectations that the Fed will raise interest rates to fight inflation make gold less attractive because it does not pay interest.

Source: CNBC

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