2024-04-17 11:52:00
Gold prices rose today, Wednesday, to approach record levels with the increasing risk of expanding conflict in the Middle East, prompting investors to resort to the precious metal as a safe haven. Short-term declines in the value of the US dollar and US Treasury bond yields also contributed to supporting gold prices.
Gold rose in spot trading 0.3 percent to $2,389.38 per ounce by 10:14 GMT, a level not far from the highest level ever of $2,431.29 recorded on Friday. US gold futures fell 0.1 percent to $2,405.10.
Lukman Otunuga, senior research analyst at FXTM, said: “The precious metal is witnessing a major overbought from a technical perspective… Optimistic investors derive their strength from the overall uncertainty in the markets as geopolitical factors cast a shadow on the data and monetary policy expectations.” “.
The dollar and ten-year Treasury bond yields fell from their highest levels in five months, making the yellow metal priced in the US currency less attractive to holders of other currencies.
Senior officials of the Federal Reserve (the US central bank), including Chairman Jerome Powell, declined to provide any indications on when to start cutting interest rates, and said that monetary policy must remain under tightening for a longer period.
As for other precious metals, silver rose in spot trading by 1.4 percent to $28.47 per ounce. Platinum rose 0.1 percent to $957.50, and palladium rose 0.8 percent to $1,021.43.
1713368789
#Gold #rises #light #tension #Middle #East #decline #dollar