June 1, 2023

Dubai Week

Complete Dubai News World


Gold rises as the dollar depreciates and confidence in Ukraine falls

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Gold prices rose nearly 1 percent on Wednesday, refuting weak dollar support and renewed doubts about the possibility of a ceasefire between Russia and Ukraine.

Gold spot transactions rose 0.7 percent to $ 1932.14 an ounce in 1926 GMT.

US gold futures rose 1.1 percent to $ 1,939 an ounce.

The US dollar index fell 0.6 percent to a two-week low, leaving gold at a lower price than other currencies.

At Tuesday’s session, yellow metal prices fell 1.8 percent after February 28 and recovered to close at only 0.2 percent, with signs of improvement in talks between Russia and Ukraine.

Among other precious metals, spot silver was up 0.1 percent at $ 24.78 an ounce and platinum was up 0.6 percent at $ 988.27.

Palladium was up 4.6 percent at $ 2,246.69, hitting a two-month low of $ 2,032.97 on Tuesday.


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