UNITED STATES (INVESTING ACAD) – Gold hit a two-week high on Thursday, supported by a weaker dollar and trade-related concerns between Washington and Beijing, although the Federal Reserve expects a slightly faster pace of interest rate hikes this year. By 0744 GMT, spot gold rose 0.3 percent to $ 1302.50 an ounce. Gold earlier hit $ 1303.38 an ounce, its highest level since May 31.
US gold futures for August delivery rose 0.4 percent to $ 1306 an ounce. A trader in Hong Kong said the dollar was under pressure and gold was doing well this morning. The dollar index, which tracks the performance of the greenback against a basket of six currencies, fell 0.4 percent to 93.388. US President Donald Trump and his top trade advisers are due to meet on Thursday to decide on the activation of tariffs threatening Chinese goods.
The Federal Reserve raised interest rates on Wednesday and hinted at two further increases by the end of the year, compared with a single increase in the past. For other precious metals, spot silver rose 0.6 percent to $ 17.09 an ounce, having earlier hit $ 17.14 an ounce, its highest level since April 20. Platinum rose 0.5 percent to $ 903.20 an ounce, while palladium gained 0.2 percent to $ 1010.85 an ounce.