Tuesday, June 18, 2024

Gold rises as the dollar eases, easing pressures to boost bond yields

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Gold prices rose on Wednesday as the fall in the dollar eased pressure to boost yields on Treasury bonds and the Federal Reserve’s worsening position on inflation.

The depreciation of the dollar increases the attractiveness of gold to buyers of other currencies.

And at 01:06 GMT, gold rose 0.1 percent to $ 1816.56 an ounce in spot trading. US gold futures fell 0.2 percent to $ 1,814.50 an ounce.

The dollar extended its losses to a fourth day, falling to its highest level in two decades against a basket of major currencies.

But US 10-year Treasury yields stabilized after a sharp rise in the previous session, which limited demand for the precious metal.

Federal Reserve Chairman Jerome Powell has promised that the central bank will raise interest rates as needed to curb rising inflation, which threatens the very foundations of the economy.

Among other precious metals, silver spot traded up 0.2 percent at $ 21.66 an ounce.

Platinum was up 0.1 percent at $ 952.31 an ounce and Palladium was up 0.2 percent at $ 2057.35.

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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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