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- Gold price rises on a weaker U.S. dollar
Gold price rises on a weaker U.S. dollar
Gold price rose on a weaker U.S. dollar. The U.S. dollar remained under pressure on the uncertainty over the Fed's interest rate hike also weighed on gold price. San Francisco Fed President John Williams said in an interview with Bloomberg Television on Monday that the timing of the interest rate hike by the Fed is nearing.
"I do see the time to start raising rates in the near future, from my perspective," he said.
Williams noted that the U.S. economy continues to strengthen.
The U.S. Commerce Department released the housing market data on Tuesday. Housing starts in the U.S. climbed 6.5% to 1.206 million annualized rate in September from a 1,132 million pace in August, exceeding expectations for an increase to 1.150 million.
The increase was driven by rises in starts of single-family and multifamily homes.
Housing market benefits from the strengthening of the labour market.
December futures for gold on the COMEX today rose to 1177.10 dollars per ounce.
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