Xinhua, Chicago :
Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday on expectation of rates cut, ahead of the European Central Bank (ECB) meeting Thursday and the U.S. Federal Reserve meeting next week.
The most active gold contract for December delivery was up 4 U.S. dollars, or 0.27 percent, to close at 1,503.2 dollars per ounce.
Investors expect the ECB to deliver an interest rate cut and potentially other measures when policy makers meet Thursday.
The ECB meeting will be a warm-up to the Federal Reserve’s policy meeting next week, while traders expect another 25 basis point cut to the target range for the federal funds.
However, the precious metal’s rise was limited by a stronger greenback. The U.S. dollar index, which measures the buck against six rivals, went up 0.32 percent to 98.64 as of 1730 GMT.
Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.
As for other precious metals, silver for December delivery was down 1.6 cents, or 0.09 percent to close at 18.17 dollars per ounce. Platinum for October delivery was up 3.6 dollars, or 0.38 percent, to settle at 940.2 dollars per ounce.
Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday on expectation of rates cut, ahead of the European Central Bank (ECB) meeting Thursday and the U.S. Federal Reserve meeting next week.
The most active gold contract for December delivery was up 4 U.S. dollars, or 0.27 percent, to close at 1,503.2 dollars per ounce.
Investors expect the ECB to deliver an interest rate cut and potentially other measures when policy makers meet Thursday.
The ECB meeting will be a warm-up to the Federal Reserve’s policy meeting next week, while traders expect another 25 basis point cut to the target range for the federal funds.
However, the precious metal’s rise was limited by a stronger greenback. The U.S. dollar index, which measures the buck against six rivals, went up 0.32 percent to 98.64 as of 1730 GMT.
Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.
As for other precious metals, silver for December delivery was down 1.6 cents, or 0.09 percent to close at 18.17 dollars per ounce. Platinum for October delivery was up 3.6 dollars, or 0.38 percent, to settle at 940.2 dollars per ounce.
