LONDON: Gold firmed on Monday as the dollar eased from near 18-month highs, adding to bullion’s appeal among holders of other currencies, with investors looking to a US Federal Reserve meeting for clues on interest rate developments next year.

Spot gold was up 0.1 per cent at $1,239.46 per ounce by 1259 GMT. US gold futures rose 0.2pc to $1,243.60 per ounce.

Markets have priced in a rate rise by the Fed at its Dec. 18-19 Federal Open Market Committee (FOMC) meeting, so the focus will be on how many hikes will follow in 2019, analysts said.

Silver gained 0.4pc to $14.62 per ounce, while platinum was down 0.3pc at $785 per ounce. Spot palladium rose 1.2pc to $1,252.20 per ounce.

The metal climbed to a record high of $1,269.25 last week and has risen nearly 18pc so far this year due to a prolonged deficit in the market.

Published in Dawn, December 18th, 2018