2023-10-26 17:02:27
Gold prices rose yesterday as investors remained concerned regarding the conflict in the Middle East, and the yellow metal, which is considered a safe haven, held firm despite the rise in the dollar and US Treasury bond yields.
Gold rose in spot transactions to exceed the level of $2,000 per ounce for the first time in 5 months, and US gold futures contracts increased 0.1% to $1,997.10.
The dollar and 10-year Treasury bond yields rose following data indicated that new home sales rose to the highest level in 19 months in September, confirming market expectations that interest rates will remain high for a longer period until 2024, according to Archyde.com.
Investors are now awaiting the US GDP numbers for the third quarter later in the day and the personal consumption expenditures price index today, Friday, before the Federal Reserve’s interest rate decision next week.
“It is clear that the Federal Reserve sees higher interest rates as a way to curb inflation,” said Nikos Kavalis, managing director of Metals Focus.
Cavalis pointed out that the impact of geopolitical events was generally short-term on gold compared to the impact of macro events or financial disasters that may force global authorities to implement tight monetary and financial policies.
Silver rose in spot transactions by 0.2% to $22.93 per ounce. While platinum fell 0.4% to $899.50, and palladium fell 0.1% to $1,124.80.
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