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MTECHTIPS:-Gold futures edge higher on softer dollar

MTECHTIPS:-Gold futures edge higher on softer dollar

Gold prices edged higher in European morning hours on Friday, as weakness in the U.S. dollar continued after the minutes of the Federal Reserve’s latest policy meeting gave little indication on the timing of a rate hike. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.08% at $1,145.40. The December contract ended Thursday’s session 0.38% lower at $1,144.30 an ounce. Futures were likely to find support at $1,136.30, the low from October 6 and resistance at $1,152.90, the high from October 7. The Fed’s September meeting minutes released on Thursday indicated that policymakers were still watching domestic inflation and the impact of slower global growth when considering when to raise interest rates. The U.S. dollar has been under pressure recently by diminished expectations for a rate hike by the Fed this year in the wake of last Friday’s unexpectedly weak U.S. jobs report for September. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 95.36, close to Thursday’s three-week lows of 95.17. Elsewhere in metals trading, silver futures for December delivery were little changed at $15.760 a troy ounce, while copper futures for December delivery rallied 2.47% to $2.401 a pound.

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