Gold futures settled higher on Wednesday, gaining for a fifth straight session, as the dollar drifted down amid rising hopes the Federal Reserve will slow the pace of interest rate hikes.
The dollar index drifted down to 101.92 this morning, and despite recovering to 102.02 subsequently, faltered again and was last seen at 101.62, down nearly 0.3% from the previous close.
Gold futures for February ended higher by $7.20 or about 0.4% at $1,942.60 an ounce, the highest settlement in about nine months.
Silver futures for March ended up $0.192 at $23.941 an ounce, while Copper futures for March settled at $4.2445 per pound, down $0.0040 from the previous close.
The focus is now on the fourth-quarter U.S. GDP data due Thursday, which could set the tone for the Fed’s Jan. 31-Feb. 1 policy meeting.