Thursday, February 29, 2024

Gold depreciates against the dollar

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Gold prices fell back to early gains on Tuesday, while the dollar continued to rise, while investors’ attention turned to the US inflation data as a guide to the Federal Reserve’s monetary policy strategy.

Gold traded down 0.7 percent at spot trading, up 0.7 percent at 18:55 GMT an ounce (an ounce).

The US futures were down 1% at $ 1,841.0 an ounce.

The dollar index rose 0.26 percent to a 20-year low in the previous session. On the other hand, the U.S. benchmark 10-year Treasury revenue fell to its lowest level in almost four years.

Investors are waiting for the US Consumer Price Index data, which is expected to be released on Wednesday, to gauge its potential impact on the US Federal Reserve’s plans to raise interest rates.

Gold is considered a protection against inflation and a safe haven for value in times of political and economic uncertainty, but it is also highly sensitive to rising US interest rates, which increases the likelihood cost of obtaining a non-yielding metal.

Among other precious metals, silver spot traded 1.65 per cent lower at $ 21.43 an ounce, platinum 1.26 per cent higher at $ 967.50 and palladium 1.2 per cent lower at $ 2072.00.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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