Gold prices were steady on Thursday after the release of the Federal Reserve minutes of meeting, which led to a decline in the US dollar against the gold.
Gold traded on the New York Mercantile Exchange at $1.1291 an ounce, while the US dollar was down after the Reserve Board showed concern for policymakers because of continued low inflation rates.
As well as weak trading on Thursday as Japan’s financial markets closed for the holiday season and US markets have closed on Thanksgiving Day. The Federal Reserve is expected to raise interest rates in December, although weak US economic data could slow down the expectations.
Gold prices maintained their recent gains in trading on Thursday as US markets closed for Thanksgiving. Therefore, it traded above $1290 an ounce after rising yesterday to $1294 an ounce, especially after the Federal Reserve warned that the lower interest rates could lead to a hike next month. This has led investors to turn to safe assets such as gold and thus abandon investing in the dollar.
Analysts expect that if the price of gold exceeds the barrier of 1296 dollars per ounce, it will target a level close to 1305 dollars, especially during the Thanksgiving holiday in the United States.
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