Tuesday, 16 July 2024

Gold prices gain on weaker dollar

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Gold prices rose today, Monday, as the possibility of the Federal Reserve (the US central bank) raising interest rates next year squandered the support provided by the weak dollar.

According to Reuters, gold settled in spot transactions at $1,791.56 an ounce by 0709 GMT. And US gold futures rose 0.1 percent, recording $ 1,802.50.

The dollar index fell 0.2 percent, making the yellow metal less expensive for buyers from abroad

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Gold prices are trying to compensate for losses despite the Federal Reserve’s monetary tightening approach

Gold recorded its biggest weekly decline since mid-November on Friday after Federal Reserve Chairman Jerome Powell said the US central bank will continue to raise rates next year despite growing recession fears.

As for other precious metals, silver fell 0.4 percent to $ 23.12 an ounce.

Platinum fell 0.2% to $989.52, and palladium rose 0.7% to $1,725.38.

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