Investing.com – Gold prices rose on Thursday as bullish investors took the Federal Reserve’s latest hawkish talk in stride and targeted the $1,250 level in a bid to recapture ground lost earlier in the year.
Spot bullion and gold futures were both on track for a third-straight week of gains, again defying a stronger dollar in one of the most extraordinary performances in recent times. Gold is normally a contrarian bet against the dollar.
The dollar index, a measure of the greenback’s strength against a basket of six other major currencies, was up 0.3%, boosted by the Fed’s release on Wednesday of minutes from its September policy meeting. The minutes showed the central bank planned to gradually increase interest rates in December and beyond.
U.S. gold futures‘ most-actively-traded contract, December, settled up $2.70, or 0.2%, at $1,230.10 on the COMEX division of the New York Mercantile Exchange. It was on track to a gain of 1% on the week after the three-month high of $1,236.90 hit on Monday.