Metals Stocks: Gold settles higher on weaker dollar, edges down after Fed Beige Book

Gold settled higher Wednesday as a recovering euro dented the dollar index, a barometer that often moves inversely to the precious metal and other commodities that are typically priced in dollars.

Prices for the metal then edged slightly lower in electronic trading from the settlement level immediately after the U.S. Federal Reserve’s Beige Book, a snapshot of domestic economic activity, showed the U.S. grew “moderately” from late April to early May, indicating the central bank remains on track to raise interest rates next month.

Gold initially traded lower Wednesday, then firmed even as investors dipped a toe back in global stock markets and bid up traditionally riskier currencies, taking a lukewarm attitude toward the haven metal as flaring worries about Italy’s instability for the European Union eased for now.

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