Gold prices steady as Fed's hints at 'some' hikes in 2019

US Dollar Recovers as FOMC Hikes by 25-bps Signals More to Come

Gold prices steadied on Friday, holding firm near a six-month high struck in the previous session, as the US dollar remained under pressure due to a subdued outlook towards USA interest rates and the economy, and investors shunned risky assets. USA gold futures declined 0.3% to $1,263.70 per ounce on Friday.

Fellas, the dollar index got weaker after the Federal Reserve signaled fewer interest rate hikes over the next two years and expressed caution about the USA economic outlook.

"Maxwell Gold, director of investment strategy at Aberdeen Standard Investments, said that growing uncertainty in financial markets could force the Federal Reserve to slow down tightening of monetary policy next year", reports Kitco News.

Spot gold climbed 1.2 percent to $1,258.08 per ounce by 11:32 a.m. ET, having reached $1,262.01 earlier in the session, a peak since July 9.

Prices crossed the 200-day moving average around $1,252 an ounce before the Fed's statement on Wednesday.

"There is some safe-haven buying supporting gold prices today", said Renisha Chainani, head of commodity and currency research at Monarch Networth Capital. Signs of the USA economy experiencing a slowdown will weigh on prospects of higher United States interest rates - ultimately pressuring the Dollar. The Fed has boosted borrowing costs three times this year and market observers widely expect a fourth rate hike in December. Meanwhile, the dollar also remained under pressure due to a weaker outlook towards the United States interest rates and the economy. "There is some good support at $1,230-$1,235", said a trader based in Hong Kong, adding that in the near-term, the dollar index was going to be a "good proxy" for what gold is going to do.

US Dollar Recovers as FOMC Hikes by 25-bps Signals More to Come
Federal Reserve Hikes Rates 25-bps at December Meeting

Asian shares retreated on Thursday from their previous session's declines.

Williams' soothing remarks came after a sharp sell-off following the Fed's Wednesday announcement, in which it raised the USA federal funds rate by a quarter of a percentage point, to a range of 2.25 to 2.5 percent.

As investors flocked to the safety of government bonds, United States benchmark Treasury yields fell to more than eight-month lows on Wednesday.

Among other precious metals, spot silver was down 0.2 per cent at $14.59 per ounce, while palladium slipped 0.6 per cent to $1,217.10.

Silver rose.77 percent to $14.71 per ounce, having earlier hit its highest since November 2 at $14.84 an ounce, while platinum rose 0.4 percent to $789.50.

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