Thursday, March 28, 2024

Gold rises to 3-week high as dollar weakens

Date:

Gold prices rose to a three-week high today after Federal Reserve Chairman Jerome Powell suggested the U.S. central bank may slow the pace of interest rate hikes in coming months, weighing on the dollar and U.S. Treasury yields.

And spot gold was up 0.7 percent at $1,745.20 an ounce by 0912 GMT, its highest level since July eighth.

U.S. gold futures rose 1.4 percent to $1,743.70 an ounce.

The Federal Reserve raised interest rates by three-quarters of a percentage point yesterday in an effort to curb the sharpest inflation the country has seen since the 1980s.

Powell said another “unusually large” rate hike would be appropriate to bring up at the September policy meeting, but said the decision would be based on economic data coming between now and then.

The dollar index fell 0.2 percent to its lowest level in more than three weeks, while gold prices weighed on holders of other currencies.

As for other precious metals, silver was up 1.3 percent at $19.38 an ounce in spot transactions, platinum was up 0.7 percent at $892.36 and palladium was up 2.9 percent at $2090.42.


Follow our latest local and sports news and the latest political and economic developments via Google News

Share

Print




See also  Al-Ahli Bank and Bank of Egypt offer dollar certificates with 7% returns and loans to Egyptians abroad.
Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

iGym and the Youth Gym Culture in Dubai

In the dynamic city of Dubai, a new trend...

The Future of Gambling in the UAE: Economic, Legal, and Social Dimensions

The United Arab Emirates (UAE) is on the brink...

Comparing the Best Trading Platforms in the UAE: Features and Benefits

Trading commodities, currency pairs, ETFs, and other investment vehicles...

Evgenia Timofeenko: What does it mean to be an investor in the hotel business?

Investors are always interested in finding effective objects for...