Gold firms as dollar loses ground post Fed verdict

Gold Firms as Dollar Loses Ground

Gold last traded at $1,746 an ounce. Silver at $22.37 an ounce.

NEWS SUMMARY: Precious metal prices rose Friday on bargain-hunting despite a firmer dollar. U.S. stocks traded lower amid rising volatility as a move by China to ban cryptocurrencies weighed on the technology sector.

euters--"Gold firmed on Thursday as the dollar gave up some gains that were driven by the U.S. central bank signalling faster-than-expected interest rate hikes, but receding fears over the Evergrande crisis limited interest for safe-haven bullion....

The dollar retreated from a one-month high as investors processed the outcome of this week's Federal Reserve meeting and subsequent statement by Fed chair Jerome Powell that a tapering of stimulus here measures was not far away.

Gold has stabilized as Powell didn't give any firm dates for the beginning of tapering or raising interest rates, cancelling the dollar's gains, said Ricardo Evangelista, senior analyst at ActivTrades.

But 'until something more concrete happens in terms of direction for the dollar, gold will be impacted more by the level of risk appetite or risk aversion,' he added. A weaker dollar bolsters gold's appeal for those holding other currencies."