Gold futures finished higher on Thursday, ending a string of losses that took prices to their lowest level in a month as investors continued to look for hints on the outcome of the Federal Reserve’s policy meeting next week.
Gold for December delivery picked up $7.30, or 0.7%, to settle at $1,109.30 an ounce on Comex. Prices fell to their lowest settlement level since Aug. 7 on Wednesday, which marked their 10th loss in a dozen sessions, excluding the Monday holiday.
The push higher for gold came amid volatility in U.S. stocks, which turned higher, reversing downward momentum earlier in Thursday’s session. But gold prices may have not yet found a bottom, some analysts say.
Higher rates are a boon for the dollar but make dollar-denominated assets like gold more expensive to purchasers in other currencies.
In other metals, December silver gained 6.9 cents, or 0.5%, to $14.645 an ounce and December high-grade copper ended at $2.447 a pound, up 1.1 cents, or 0.4%.