© Reuters.

By Gina Lee – Gold was up on Thursday morning in Asia, extending small gains into a third session thanks to a weakening .

edged up 0.12% to $1,787 by 12:02 AM ET (4:02 AM GMT), sticking within the $1,759 to $1,788 range that the yellow metal has traded in throughout the week. The dollar, which normally moves inversely to gold, inched down on Thursday and helped gold trade at the higher end of the range.

Two U.S. Federal Reserve officials said on Wednesday while asset tapering should begin soon, it was too soon to hike interest rates. Fed Governor Randal Quarles said he favors an initial move to begin asset tapering in November 2021, but added that mounting inflationary pressures that could require a policy response were also a concern.

Across the Atlantic, the is likely to be the first major central bank to hike interest rates in the post-COVID-19 cycle. However, some economists are forecasting the first hike to come in early 2022, later than current market predictions, according to Reuters.

Russia’s gold reserves stood at 73.9 million troy ounces as of the start of October, the Central Bank of the Russian Federation said on Wednesday.

In other precious metals, silver was up 0.3% and platinum inched up 0.1%, while palladium was down 0.3%. Russia’s Nornickel, the largest palladium producer globally, said its palladium production in the third quarter increased 9% to 598,000 troy ounces. Meanwhile, platinum output increased 8% to 145,000 troy ounces.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read More:Gold Up as Dollar Inches Down, but Moves Small By

Articles You May Like

Trinamool sees silver lining in Tripura civic polls rout, also alleges rigging as BJP
Packages with medical supplies misdelivered
Rare coin minted in 1652 sold to anonymous online bidder for a whopping Rs 2.6 crore
Holiday Gift Guide 2021: Chic Leather Accessories Under $1,000
M1 MacBook Air hits lowest ever price — don’t miss this epic Black Friday deal