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Gold futures prices rose sharply during trading today, Wednesday, following falling yesterday to their lowest levels in regarding 6 weeks, once morest the backdrop of the dollar’s decline once morest other major currencies.
The price of gold rose by $8.50, or 0.4%, to $1949.60 an ounce for next April delivery. The price of silver rose by $0.361 to $22.786 an ounce for next May delivery, while the price of copper rose by $0.0505 to $4.0445 per pound for next May delivery.
At the same time, the dollar price index fell to 102.98 points, before recovering part of its losses to end trading at 103.08 points, down by 0.17 points from its level yesterday.
This comes at a time when the US Federal Reserve (the central bank) announced today, once more, to raise the interest rate by 0.25 percentage points, to range between 4.74% and 5%.
It should be noted that this is the ninth time in a row that the Board raised the interest rate, but it continued its moderate path.
In its decision, the Board was forced to consider a balance between calming concerns in the banking sector and combating high consumer prices.
The bank raised the interest rate last year by 0.75 percentage points several times, but it has slowed the pace recently as it raised the interest rate by 0.25 percentage points last February.
According to the latest data, inflation in America, the world’s largest economy, is declining.