March 30, 2023

Dubai Week

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Gold rises as the dollar falls

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Gold resumed its rally on Wednesday after the dollar fell after data showed a slight slowdown in US consumer price growth, following a brief decline due to the release of US inflation data.

Gold traded 0.8 percent higher at $ 1852.65 an ounce in 18:14 GMT. US gold futures rose 0.7 percent to $ 1,853.70.

According to US data, consumer price growth slowed sharply as petrol prices fell to an all-time low in April, indicating that inflation could reach a record high. But with the Federal Reserve (US Federal Reserve) on track to raise interest rates, it is likely to be raised for a while.

The dollar index fell 0.1 percent, rising after the initial release of inflation data, giving gold more support.

Gold is very sensitive to US interest rate hikes in the short term, which increases the probable cost of owning an interest-free metal.

Among other precious metals, silver rose 1.6 percent to $ 21.58 an ounce in spot trading. Platinum was up 3.7 percent at $ 999.33 an ounce and Palladium was down 1 percent at $ 2044.17.


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