June 7, 2023

Dubai Week

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Gold shines above $ 1800

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Gold prices rose more than 1% yesterday and hovered above $ 1800, prompting investors to seek safe havens.

Gold traded 1.2% higher at $ 1810.10 an ounce during spot trading. US gold futures rose 1.7% to $ 1813.80.

The fall in the dollar against the dollar 0.5% helped gold rise, while the value of 10-year US Treasury bonds fell. The lower dollar lowers the price of gold for buyers of other currencies, while low bond yields reduce the opportunity cost of owning a non-yielding yellow metal.

The urgency for safe haven has put gold on the path to its best performance in a single day since the beginning of November.

Despite yesterday’s price rise, gold has recorded its worst weekly performance since mid-September, down 1.8%, under the pressure of expectations that the Federal Reserve will reduce asset purchases and accelerate interest rates.

Spot Silver fell 0.1% to $ 23.60 an ounce.

Platinum was down 0.8% at $ 986.97 and Palladium was down 1.4% at $ 1,834.18, recording weekly declines of 4.3% and 11.5%, respectively.


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