2023-12-14 04:57:00
© Archyde.com. Gold bars are pictured at the Ginza Tanaka store during a photo opportunity in Tokyo September 17, 2010. Spot gold hit a new record high of $1,277.75 an ounce on Friday, as investors remained concerned regarding economic prospects. REUTERS/Yuriko Nakao (JAPA
(Archyde.com) – It continued to rise on Thursday following the Federal Reserve (US central bank) signaled the end of the monetary tightening cycle and indicated a reduction in borrowing costs in 2024, which led to a decline in yields.
It rose 0.3 percent to $2,032.07 per ounce by 0341 GMT, following rising 2.4 on Wednesday. US gold futures jumped 2.5 percent to $2,046.80.
The US Federal Reserve kept interest rates unchanged for the third meeting in a row, as was widely expected.
The dollar fell to its lowest level in two weeks once morest its competitors, making gold less expensive for holders of other currencies. US benchmark 10-year bond yields also fell to the lowest level since August.
Low interest rates usually support gold prices, which do not generate returns.
As for other precious metals, spot transactions rose 0.4 percent to $23.83 per ounce, platinum increased 0.3 percent to $937.25, and rose 0.2 percent to $994.82.
(Prepared by Marwa Gharib for the Arabic Bulletin)
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