The value of gold rose especially today as the dollar weakened, while investors hoped to find clues about raising interest rates at the Jackson Hole seminar.
Spot gold rose to $1,764 an ounce on Thursday morning and US gold futures rose 0.3% to $1,766.
The dollar's decline of almost 0.2% makes the cost of gold favorable to buyers who have other currencies while US Treasury yields remain close to 10-year highs.
Hopes for a rate cut next year appear to be fading as investors prepare for the Federal Reserve to tighten its commitment to squash inflation.
Higher interest rates also increase the cost of holding non-yielding bullion as the dollar rises.
Manufactured capital goods were very popular in the US last month, but that quickly slowed down. But strong shipment gains were seen as a strong indication that the economy is still growing slowly, better than a recession.
Spot silver prices also rose by 1.31%, reaching $19.36 an ounce.
Perhaps gold might want to close the market with $1750 this week
Posted Using LeoFinance Beta
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