2024-02-03 12:18:46
Gold prices recorded weekly gains, with the performance of the dollar and US Treasury bond yields mixed, despite the lack of clarity regarding when the US Federal Reserve may start cutting interest rates.
Brian Lan of Gold Silver Central in Singapore said: “The Federal Reserve is unlikely to cut interest rates in March, but market traders are confident that it will start cutting interest rates following that. The comments were good for gold.”
Gold in spot transactions recorded a weekly increase of 1.05 percent, reaching $2,039.76 per ounce.
Low interest rates enhance the attractiveness of the yellow metal, which does not generate a return.
A separate report showed that US worker productivity grew faster than expected in the fourth quarter.
Concerns regarding the regional banking sector in the United States have increased demand for safe haven assets such as bullion and Treasuries.
US Central Bank Chairman Jerome Powell backed away from the idea of lowering interest rates in the spring, but expressed confidence in inflation moving towards the target range of two percent.
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