© Archyde.com. Gold bars in Mendrisio, Switzerland, on July 13, 2022. Photo: Dennis Balibus/Archyde.com.
(Archyde.com) – It rose 1 percent on Wednesday, as the non-yielding precious metal continued its path to recording the best monthly performance since mid-2020, supported by expectations of a slowdown in the pace of raising US interest rates, which was reinforced by the statements of Federal Reserve Chairman (US Central Bank) Jerome Powell.
Powell said on Wednesday that the Federal Reserve might slow the pace of rate hikes as soon as “perhaps in December,” while warning that the fight once morest inflation is far from over.
It rose 1 percent to 1767.52 dollars an ounce at 2003 GMT. US gold futures fell 0.2 percent to $1,759.9.
After a series of losses that lasted seven months, gold is expected to achieve a monthly rise of more than eight percent in November, to record the best monthly performance since July 2020, supported by recent statements made by several Federal Reserve officials that reinforce expectations of slowing the pace of raising interest rates.
It fell following the comments, making bullion less expensive for holders of other currencies.
Among other precious metals, it jumped in spot transactions 4.2 percent to $ 22.14, heading to achieve the best monthly performance since December 2020.
Platinum also jumped 3.5 percent to $ 1,037.01, also on its way to achieving the largest monthly gain since November 2020, and rose three percent to $ 1,889.25, following it jumped to $ 1,933.04 earlier on Wednesday, and recorded a gain of 2.6 percent during the current month.
(Reporting by Suha Jadu, Mahmoud Abdel-Gawad and Amira Zahran for the Arabic Bulletin – Edited by Ali Khafaji)