Gold futures finished higher on Thursday, as the headwind dollar shrunk making the green back denominated bullion cheaper for third currency holders. The US Federal Reserve had affirmed its stance to cease the pandemic-driven bond purchases by March 2022, and to pencil in three interest-rate hikes next year. The looming inflation worries and risk aversion in the global equity market also whetted the hedge appeal of the bullion.
Gold futures for February rose by 1.90% or $33.70 to settle at $1798.20 an ounce on the Comex division of the New York Mercantile. Spot gold was higher by 1% at $1,795.41 per ounce.