Gold prices remain dull as FED plans on rising interest rates

November 28, 2018 (MLN): Gold prices were dull on Wednesday as dollar stood strong after a senior U.S. Federal Reserve official reiterated the need for an additional increase in interest rates, making gold costlier for holders of currencies other than dollar.  

Spot gold showed slight change at $1,213.71 per ounce at 0408 GMT, having dipped to its lowest level since Nov. 15 at $1,211.36 in the previous session.

U.S. gold futures were down by 0.1 percent at $1,214.

On the other hand, oil prices rose by one percent on Wednesday ahead of an OPEC meeting next week at which the producer club is expected to decide some form of supply cut to counter an emerging glut.

Moreover, the shutdown of Britain's largest North Sea oilfield for repairs also justified the prices.

U.S. West Texas Intermediate (WTI) crude futures were at $52.11 per barrel at 0448 GMT, up 55 cents, or 1.1 percent from their last settlement.

International Brent crude oil futures were up 57 cents, or 1 percent, at $60.78 per barrel.