February 8, 2023

Dubai Week

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Gold rose to a two-week low as fears of inflation persisted

Gold rose to a two-week low as fears of inflation persisted

Gold prices rose to a two-week low on Wednesday on fears of rising inflation, but the dollar and rising US Treasury yields limited profit.
Gold rose 0.3 percent in immediate trade to $ 1842.83 an ounce (one ounce) at 1516 GMT, its lowest level since May 19, after falling to 1827.80 at the start of the session.
US gold futures fell 0.1 percent to $ 1,846.50 an ounce.
For holders of other currencies, gold rose, the dollar rose 0.3 percent and US Treasury yields rose.
Eurozone inflation was higher than expected on Tuesday, adding to the pressure on the European Central Bank ahead of next week’s monetary policy meeting.

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Investors are also looking at US non-farm wages and inflation data for May for clues about expectations for the path of the economy and federal austerity.
Bolion is considered a safe haven against inflation and a safe haven in times of political and economic uncertainty. However, higher interest rates increase the chance cost of holding gold and increase the dollar.
Among other precious metals, spot silver rose 1.1 percent to $ 21.76 an ounce, hitting a two-week low.
Platinum was up 2.6 percent at $ 989.34, up 4.4 percent from $ 1,006.93. Palladium followed their lead in gains, rising 0.5 percent to $ 2,009.93.

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