Gold prices advance after release of Fed meeting minutes

Gold prices edged higher for the third straight day today, Nov. 24, with the US dollar weakening after the release of the Federal Reserve’s November meeting minutes, and in light of the closure of the Wall Street markets in observance of the Thanksgiving holiday.

Gold futures for February delivery gained 0.70% to $1,772.8 an ounce at 12:18 am Makkah time with spot prices also up 0.46% to $1,757.68 per ounce.

Similarly, silver futures for December delivery jumped 1.53% to $21.86 an ounce, while the spot price of platinum shed 0.67% to $993.99 per ounce. The spot price of palladium, however, advanced 1.10% to $1,901.77 an ounce.

The minutes of the Fed’s Nov. 1-2 meeting showed that a “substantial majority” of Fed policymakers agreed it would “likely soon be appropriate” to slow the pace of interest rate hikes.

The main dollar index, which measures the performance of the US currency against a basket of six major currencies, declined 0.15% to 105.91 points.