2023-08-29 08:57:26
Gold prices witnessed a rise in global markets today, Tuesday, with the decline of the dollar and the yield of US Treasury bonds, before the release of the data of the Federal Reserve’s preferred inflation indicator and crucial US jobs this week, which might determine interest rate expectations, according to Archyde.com.
The price of an ounce of gold
And gold prices rose in spot trading, by 0.2%, to 1924 dollars an ounce.
The global price of gold
And gold prices advanced in US futures contracts, by 0.24%, to 1951 dollars an ounce.
The prices of the precious metal rose due to the decline of the US dollar once morest a basket of major currencies, while the US Treasury bond yields for 10 years moved away from their highest levels since 2007, which they recorded last week.
A weaker dollar makes gold less expensive for holders of other currencies.
Among the series of US economic data scheduled for release this week, the focus will be on the Fed’s preferred inflation measure the “PCE Price Index” due for release on Thursday, along with the Nonfarm Payrolls report on Friday.
“The Fed’s view now is that there will be no recession,” Heraeus analysts wrote in a note. “Additionally, with high core inflation, the Fed might keep interest rates higher for longer, possibly raising them further.”
As for other precious metals, spot silver rose 0.3% to $24.32 an ounce, while platinum rose 0.2% to $966.11, following opening at its highest level in a month. Palladium lost 0.8% to $1,244.32.
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