GOLD THURSDAYGold jumps to 4-week high as dollar extends losses Commodities1 hour ago (Jan 05, 2017 03:45AM ET) https://www.investing.com/news/commodities-news/gold-jumps-to-4-week-high-as-dollar-extends-losses-451250 Gold jumps to 4-week high Gold jumps to 4-week high Investing.com - Gold prices rallied to a four-week high on Thursday, as the U.S. dollar stepped further away from a 14-year peak against a basket of major currencies following the release of commentary from the Federal Reserve. Gold for February delivery on the Comex division of the New York Mercantile Exchange touched an intraday peak of $1,179.90 a troy ounce, a level not seen since December 5. It was last at $1,174.15 by 3:45AM ET (08:45GMT), up $8.85, or 0.75%, after adding $3.30, or 0.3%, a day earlier. The U.S. dollar index, which measures the greenbacks strength against a trade-weighted basket of six major currencies, slipped to as low as 101.73, the weakest in three weeks, just two days after it had hit a 14-year high of 103.82. It was last at 102.17 in early trade, down 0.3%. Minutes from the Fed's December policy meeting showed most officials thought the U.S. economy could grow more quickly because of tax cuts and infrastructure spending under President-elect Donald Trumps incoming administration. At the same time, policymakers "emphasized their considerable uncertainty" about future economic policy changes. The minutes also showed that policymakers assumed that Trump's promises of fiscal stimulus could, if delivered, spur inflation which would in turn lead to a faster pace of rate increases this year. Trump will take office on January 20 and has yet to outline his economic policies in detail. Traders continued to price in two rate hikes this year and slightly less than a 50% chance of a third, according to Investing.com's Fed Rate Monitor Tool. Key U.S. reports later in the day should provide further evidence if the worlds largest economy is strong enough to withstand higher borrowing costs in the months ahead. ADP payrolls data is released at 8:15AM ET (13:15GMT). Economists expect 170,000 private sector payrolls, just below the 178,000 consensus for total December nonfarm payrolls, expected on Friday. Weekly jobless claims are released at 8:30AM ET, while Markit services PMI is released at 9:45AM ET and ISM non-manufacturing data is released at 10:00AM ET. Also on the Comex, silver futures for March delivery added 5.0 cents, or 0.3%, to $16.60 a troy ounce during morning hours in London. Meanwhile, platinum rose 1% to $956.55, while palladium slumped 0.6% to $734.20 an ounce. Elsewhere in metals trading, copper futures dipped 0.2 cents, or less than 0.1%, to $2.555 a pound.