By Gina Lee
Investing.com – Gold rose in Asia Thursday morning, extending small gains to a third session on weakening.
It was up 0.12% to $ 1,787 at 12:02 am ET (4:02 am GMT), staying within the $ 1,759 to $ 1,788 range that the yellow metal has traded in all week. The dollar, which normally trades in reverse to the dollar, was lower on Thursday and helped gold trade at the higher end of the range.
Two officials at the U.S. Federal Reserve said Wednesday that while the asset downsizing should start soon, it was too early to raise interest rates. Fed Governor Randal Quarles said he favors an initial move to begin asset downsizing in November 2021, but added that mounting inflationary pressures that could require a policy response are also a concern.
On the other side of the Atlantic, it is likely to be the first major central bank to raise interest rates in the post-COVID-19 cycle. However, some economists predict that the first rise will occur in early 2022, later than current market predictions, according to Reuters.
Russia’s gold reserves stood at 73.9 million troy ounces at the beginning of October, the Central Bank of the Russian Federation said on Wednesday.
In other precious metals, silver was up 0.3% and platinum 0.1%, while palladium was down 0.3%. Russia’s Nornickel, the world’s largest palladium producer, said its third-quarter palladium production increased 9% to 598,000 troy ounces. Meanwhile, platinum production increased 8% to 145,000 troy ounces.
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