Tuesday, 4 October 2022

Gold trims losses despite the US Central Bank’s tightening

Gold prices pared their losses today, Thursday, with the dollar retreating from its highest level in two decades, despite the continued pressure on the precious metal amid rising US bond yields and hawkish statements about raising interest rates from the Federal Reserve (the US central bank).

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According to “Reuters”, gold in spot transactions fell 0.2%, recording $ 1670.40 an ounce (an ounce) by 0926 GMT, after declining by up to 1% in the Asian session.

And US gold futures rose 0.2% to $ 1678.70 an ounce.

The Federal Reserve raised the interest rate by 75 basis points on Wednesday for the third time in a row, and indicated that more increases will come to tame rising inflation.

As for other precious metals, silver settled in spot transactions at $19.60 an ounce, platinum fell 0.4% to $903.90, while palladium fell 0.2% to $2150.02.

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