Gold advances with lower dollar and anticipation of central ‎bank meetings

Gold prices rose above $1,900 an ounce today, Tuesday, supported by a slight decline in the dollar and bond yields, as investors await the Jackson Hole symposium of central banks later in the week.

According to “Reuters”, gold rose in the spot market by 0.5%, to $ 1902.50 an ounce, by 1009 GMT. The price of US gold futures rose 0.5% to $1932.30 an ounce.

“At the moment, I think that gold prices are receiving support due to the price correction of the dollar and the acquisition of deals at these levels,” said independent analyst Ross Norman.

He added, “We do not expect to see big movements in gold before the Jackson Hole (symposium) because people will be in a state of anticipation. But US Treasury yields, which reached their highest levels in 16 years, remain the main issue that no one talks about.

The dollar fell 0.2% against competing currencies, making gold less expensive for holders of other currencies, and US Treasury yields fell for ten years, after reaching their highest levels since November 2007.

The focus now turns to a speech by Christine Lagarde, President of the European Central Bank, and Jerome Powell, Chairman of the Federal Reserve (the US Central Bank), in Jackson Hole later this week to forecast expectations for interest rates.

Raising interest rates increases bond yields and reduces the attractiveness of gold, which does not yield a return

As for other precious metals, silver rose in the spot market by 0.3%, to $23.24 an ounce. Platinum rose 1.2% to $920. And palladium increased 1.5% to 1264.14 dollars.