London: Gold futures rose on Friday, helped by a falling dollar as traders looked ahead to a much anticipated speech later in the day by U.S. Federal Reserve Chairman Ben Bernanke.
Gold for December delivery gained $24.60 to $1,787.80 an ounce in electronic trading on Globex.
Gold futures added $5.90, or 0.3%, to finish at $1,763.20 an ounce Thursday on the Comex division of the New York Mercantile Exchange.
The gains came as the dollar weakened, with the dollar index falling to 74.010 versus 74.262 in North American trading late Thursday. Dollar-denominated gold tends to rise as the U.S. currency falls.
Capital Economics analysts said its was unlikely that the Fed’s Bernanke will announce a third round of asset purchases during his speech in Jackson Hole, Wyo., scheduled to start at 10 a.m. Eastern time Friday.
“The difference between now and last year, when Bernanke used his Jackson Hole speech to hint that QE2 was in the pipeline, is that the rebound in core inflation to a 19-month high of 1.8% in July means there is no immediate threat of deflation,” Capital Economics analyst Paul Dales said.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription