Gold prices are rising and remain close to the highest level in the past eight months, supported by the weakness of the dollar and hopes of slowing the pace of raising US interest rates.
-
The instability of the dollar price supports the rise in the price of gold
Gold prices rose today, Tuesday, and remained close to the highest level in the past eight months, supported by the weakness of the dollar and hopes to slow the pace of raising US interest rates, following the Chairman of the Federal Reserve (US Central Bank) Jerome Powell did not provide further clarification regarding the path of raising US interest rates.
The spot gold price rose 0.2 percent to $1875.01 an ounce (an ounce) at 18:42 GMT, following hitting the highest level since May 9 yesterday.
And US gold futures prices fell 0.1 percent at the settlement, to $ 1876.5 an ounce.
Although the dollar rose, it was close to its lowest level in seven months, which makes gold more attractive to holders of other currencies.
Powell did not comment on the monetary policy of the Federal Reserve during his speech at a conference in Sweden on the independence of central banks, but a member of the Board of Governors of the Council, Michelle Bowman, said that the US central bank will have to raise interest rates more to combat high inflation.
As for other precious metals, silver fell 0.3 percent to $23.56 an ounce, platinum fell 0.2 percent to $1076.91 an ounce, while palladium settled at $1775.49 an ounce.