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Gold inches lower on firmer dollar; investors await Fed rate call

“Spot gold was down 0.2 percent at $1,223.70 per ounce, as of 0410 GMT, while U.S. gold futures fell 0.3 percent to $1,224.7 per ounce” reports Palladium fell 0.3 percent to $1,130.60 per ounce, after touching a two-week high of $1,139.50 an ounce in the previous session.But for now, we think the Fed will continue with the monetary policy tightening,” said Benjamin Lu, a commodities analyst with Phillip Futures.Gold prices inched lower on Thursday on the back of a stronger dollar as investors digested the U.S. midterm election results and turned their focus to the Federal Reserve’s monetary policy decision due later in the day. Platinum was 0.7 percent lower at $866.85 an ounce, after hitting its highest since June 25 at $877.50 an ounce on Wednesday.

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