Gold futures logged the largest gains in nearly a month on Thursday, a day after minutes from the Federal Reserve signaled that a majority of its members favored a rate increase as early as December.A retreat in the dollar, which had been rallying in the days leading up to the release of the minutes, helped increase the allure of the yellow metal.
The ICE U.S. Dollar Index DXY, +0.05% which measures the buck’s strength against a basket of six rival currencies, was off 0.7% Thursday.
December gold GCZ5, +0.45% rose $9.20, or 0.9%, to settle at $1,077.90 an ounce on Comex. Thursday’s advance marks the biggest gain for gold since Oct. 28, according to FactSet data.
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