Gold rose in spot transactions on Thursday as the dollar weakened, but comments from Jerome Powell, the Chairman of the Federal Reserve, regarding a more aggressive interest rate hike limited gains in the precious metal. As of 00:46 GMT, spot gold was up 0.1% at $1,815.58 per ounce after hitting a one-week low on Wednesday. U.S. gold futures were largely unchanged at $1,819.10 per ounce.
For other precious metals, silver remained stable in spot transactions at $20.01 per ounce. Platinum rose 0.1% to $938.23 per ounce, while palladium increased 0.2% to $1,375.47 per ounce. The dollar index fell from a three-month high reached on Wednesday, making the precious metal cheaper for buyers holding other currencies. Powell reiterated on Wednesday his stance on raising rates at a higher and possibly faster pace but indicated that discussions are still ongoing and the decision will depend on data to be released ahead of the central bank's policy committee meeting in two weeks.
