2023-05-11 02:27:00
© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – It rose on Thursday, supported by a weaker dollar and economic concerns, as investors sought more clarity on the monetary policy path of the Federal Reserve (the US central bank).
And by 0131 GMT, it rose 0.2 percent to $ 2032.58 an ounce. US gold futures also rose 0.2 percent to $2,041.80.
It fell 0.1%, making the yellow metal, which is priced in the US currency, more accessible to overseas buyers.
Gold prices initially rose on Wednesday following the release of US inflation data, before turning lower on profit taking.
The annual increase in consumer prices in the United States slowed to less than five percent in April for the first time in two years, which might be a reason for the US central bank to pause interest rate hikes next month.
Low interest rates enhance the attractiveness of non-yielding gold.
Meanwhile, US President Joe Biden ramped up pressure on Republican lawmakers on Wednesday to move quickly to raise the country’s $31.4 trillion debt ceiling or risk the world’s largest economy sliding into recession.
Matt Simpson, senior market analyst at City Index, said the debt ceiling crisis appeared to support gold prices.
As for other precious metals, it fell in spot transactions by 0.2 percent to $25.37 an ounce, and platinum rose 0.2 percent to $1,115.92, while it lost 0.2 percent, recording $1,604.23.
(Prepared by Doaa Muhammad for the Arabic Bulletin)
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