Gold prices up despite stronger US dollar

Gold prices continued to soar today, Aug. 18, amid expectations of further strengthening bullion prices on rising inflation, as investors comprehend the Federal Reserve’s July meeting minutes.

Gold futures for December delivery saw a marginal hike of 0.12% to $1,778.9 an ounce at 12:01 pm Makkah time. Similarly, spot prices gained 0.21% to $1,765.44 per ounce.

Silver futures for September delivery, meanwhile, shed 0.23% to $19.8 per ounce. The spot price for platinum settled at $927.06 an ounce, while the spot price of palladium advanced 0.98% to $2,160 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, surged 0.16% to 106.748 points.

Jake Klein, executive chairman of Australia-based Evolution Mining, forecasts gold price to exceed $2,000 an ounce in the coming year amid continued inflationary pressures.

Meanwhile, the US and Taiwan began formal negotiations on a bilateral trade initiative, with the first round of talks set to take place in next fall.