Gold recovers from 5-month low due to dollar’s decline

Gold rose from its lowest level in five months today, Friday, with the decline in the dollar and bond yields, but the yellow metal is heading to record another weekly decline, as encouraging data from the United States reinforced expectations that the Federal Reserve (the central bank) has not yet finished raising interest rates. ..

According to Reuters, spot gold rose 0.2 percent to $1,892.30 an ounce by 0745 GMT, after touching its lowest level since mid-March on Thursday. US gold futures rose 0.4 percent to $1,922.90

“The dollar has pulled back from its recent gains, which has allowed gold to move slightly higher,” said Tim Waterer, senior market analyst at KCM Trade.

The US benchmark 10-year Treasury bond yields also fell from their highest levels since October

Investors are now awaiting the meeting of central bank governors in Jackson Hole, Wyoming, USA, next week, for indications of interest rates.

As for other precious metals, silver rose in spot transactions by 0.4 percent, to $ 22.78.

Platinum increased 0.6% to $894.72, and palladium rose 0.4% to $1,221.48, but the two metals are heading for a weekly decline.