The dovish Fed pushed the price for the yellow metal up.
Gold soars on India-China spat
On Friday, gold drifted moderately higher in Asia, with focus shifting to a tense Himalayan standoff between China and India who were involved in a brief, but fierce border war conflict over the territory in 1962.
December delivery gold futures tacked on 0.02% being worth $1.292.57 a troy ounce.
Two months ago, the world's top two gold buyers, India and China came to a standoff when Indian troops dared to confront Chinese forces who were working on a road over the Doklam Plateau, which is a strategically crucial area, exactly where India, Tibet and Bhutan meet, and which both Bhutan and China consider to be their own.
Overnight, the number one precious commodity traded close to session maximums after the minutes of the Fed’s July gathering showed that members were concerned about lifting interest rates amid an evident slowdown in inflation, thus narrowing expectations for a third rate lift later in 2017.
However, gold futures struggled to overcome $1,300 because initial jobless claims as well as manufacturing data topped predictions, raising market sentiment on the strength of the American economy.
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Monday, gold declined because the evergreen buck managed to gain early traction, thus putting pressure on the most popular precious commodity, which has been sticking with the year’s minimums…