Sunday, May 19, 2024

Gold prices rise and the dollar falls

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Gold rose on Tuesday, supported by a weaker dollar, but fears higher U.S. Treasury yields and the Federal Reserve tightening monetary policy than expected limited gold gains.

On the spot, gold rose 0.1 percent to $ 1780.60 during the 0644 GMT period, while US gold futures rose 0.2 percent to $ 1782.40.

The dollar fell 0.1 percent, reducing the cost of buying gold for buyers of other currencies.

Ten-year U.S. Treasury yields soared, extending gains last night.

The Federal Reserve (US Federal Reserve) policymakers are likely to step up stimulus measures at their meeting next week, after data showed that unemployment fell last month.

The US CPI report coming out on Friday could be crucial in predicting the central bank’s next move.

Among other precious metals, silver rose 0.2 percent to $ 22.40 an ounce in spot trading.

Platinum was up 0.3 percent at $ 940.50 and Palladium was down 0.6 percent at $ 1844.01.


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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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