Gold prices advanced to their highest in about two months on Thursday, driven by U.S. dollar's weakness.
Gold bars and gold coins in different sizes are lying in a safe on a table at the precious metal dealer Pro Aurum. In the foreground, a hand holds the gold coin "Krugerrand".Gold prices advanced to their highest in about two months on Thursday, driven by U.S. dollar's weakness and growing expectations that the Federal Reserve would conclude its aggressive rate-hiking cycle at its meeting next week.
The U.S. dollar index was trading not far from 15-month lows, while China's yuan gained after authorities adjusted cross-border financing rules and major state-owned banks were seen selling dollars. Gold prices have risen about 5% percent since the end of June, when they hit over 3-month lows, with recent price gains mainly on the back of U.S. economic readings backing views that the Fed will raise interest rates on July 26 by 25 basis points, the last increase of the current tightening cycle.
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