2023-06-28 06:38:25
Gold settled today, Wednesday, near its lowest level in three months, after strong US economic data overshadowed gold’s status as a safe haven, while dealers await the speech of Jerome Powell, Chairman of the Federal Reserve (US Central Bank) and other data in search of evidence of raising interest rates.
And by 0524 GMT, spot gold rose 0.1 percent to $ 1915.45 an ounce, hovering near its lowest level since March 16 at $ 1910 an ounce. US gold futures settled at $1924.60 an ounce.
“Strong economic data (in the US) lifted the dollar and brought gold back to its lowest levels in June last night,” said Matt Simpson, senior market analyst at City Index.
The data released on Tuesday indicated that the US economy remains strong, which may prompt the Federal Reserve to raise interest rates again to curb inflation.
As for other precious metals, spot silver rose 0.2 percent to $22.93 an ounce. Platinum also fell 0.9 percent, to $916.83 an ounce. Palladium fell 1.1 percent to $1,281.48 an ounce.
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