Gold advanced to the highest in a month as traders scaled back bets on a U.S. interest-rate increase in September after Federal Reserve officials said they needed more evidence that the economy is strengthening.
Gold futures for December delivery rose 2.2 percent to settle at $1,153.20 an ounce at 1:42 p.m.on the Comex in New York. Prices rose to $1,153.70, the highest for a most-active contract since July 15.
Most Fed officials in July “judged that the conditions for policy firming had not yet been achieved,’ the minutes showed. Holdings in bullion-backed exchange-traded products rose 3.4 metric tons to 1,514.6 tons Wednesday, data compiled by Bloomberg show. They’re still near the lowest since 2009.
Silver futures for December delivery gained 2.2 percent to $15.562 an ounce on the Comex. On the New York Mercantile exchange, platinum and palladium rose.