2023-07-18 04:56:51
Gold prices rose on Tuesday, with the dollar falling close to its lowest level in more than a year, while dealers await retail sales data in the United States to see its impact on the monetary policy of the Federal Reserve (US Central Bank).
The dollar fell to its lowest level in more than a year. A lower dollar makes the precious metal less expensive for holders of other currencies.
Christopher Wong, executive director and foreign exchange strategist at OCBC, said that although the upcoming US central meeting may dispel gold’s appeal, “the Fed is close to ending the monetary tightening cycle.”
The change in prices
Spot gold rose 0.3 percent to $1,959.54 an ounce by 0359 GMT, while US gold futures rose 0.4 percent to $1,963.70.
As for other precious metals, silver rose in the spot market 0.1 percent to $ 24.87 an ounce, while platinum increased 0.7 percent to $ 982.43, and palladium jumped 1.1 percent to $ 1298.30.
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