Gold up as dollar declines, rate hike concerns limit gains

Gold prices rose today, Tuesday, in light of the depreciation of the dollar, although long-term concerns about raising interest rates by the Federal Reserve (the US central bank) kept the gains of non-profitable precious metals in check.

According to Reuters, gold in spot transactions rose 0.3 percent to $1,791.91 an ounce by 0636 GMT, and US gold futures rose 0.1 percent to $1,800.20 an ounce.

The dollar index fell by 0.3 percent in light of the appreciation of the Japanese yen after the Bank of Japan said that it would adjust the policy of controlling the profit curve. The falling dollar makes gold more attractive to buyers outside the United States

Although gold is considered a hedge against inflation, high interest rates raise the opportunity cost of holding bullion.

As for other precious metals, silver rose in spot transactions by 0.4 percent to $ 23.04 an ounce, and platinum rose 0.4 percent to $ 983.25, while palladium rose one percent to $ 1,685.16.