Commodities
Dollar Hits Seven-Week High as Gold Prices Rebound
The dollar reached a seven-week high against a basket of currencies on September 18, driven by bets on further US interest rate rises after the Federal Reserve lifted rates by 25 basis points.
In related news, gold prices rose as the market underwent technical repair. Spot gold staged a volatile recovery during early Asian trading, moving back toward the $4,360 level.
The World Gold Council noted that rising gold prices and improved market sentiment drove increased activity in gold futures trading. In August, total holdings in gold ETFs in the Chinese market increased by 11 tonnes to 293 tonnes.