Gold loses value as Fed foretells interest rate hike next month

November 30, 2018 (MLN): Gold’s value deterred slightly on Friday following dollar’s recovery, along with minutes from the U.S. Federal Reserve's recent meeting according to which an interest rate hike was imminent in December.

Spot gold rose 0.2 percent to $1,223.75 per ounce, having earlier hit its highest since Nov. 22 at $1,228.96, whereas U.S. gold futures settled up barely changed at $1,224.10.

On the contrary, Oil prices packed down on Friday on expectations that OPEC and Russia will agree some form of production cuts next week, although swelling U.S. supplies kept markets in check, said a report by CNBC.

International Brent crude oil futures were at $59.81 per barrel at 0347 GMT, up 30 cents, or 0.5 percent, from their last close, whereas U.S. West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.4 percent, at $51.65 per barrel.

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Posted on: 2018-11-30T14:00:00+05:00