Bengaluru: Gold prices hit their highest in a week on Thursday, as the dollar was on the defensive after tumbling in the previous session following the US Federal Reserve's decision on interest rates.
The Fed raised benchmark rates for the third time this year as widely expected, but maintained its outlook of three rate increases in 2018 on low inflation concerns.
The dollar nursed losses on Thursday after falling on sluggish US November inflation data and as the Fed kept its outlook on interest rates unchanged. "The dollar is taking a softer turn here in Asia. We're seeing Shanghai come in and buying (gold)," a Hong Kong-based trader said. Spot gold was up 0.1 percent at $1,256.40 an ounce, after earlier touching its highest since Dec 7 at $1,259.11. US gold futures were up 0.9 percent at $1,259.20.
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