2023-08-24 08:00:45
Gold prices rose to their highest levels in two weeks, Thursday, as a decline in the dollar and Treasury bond yields increased the appetite of investors for bullion, as they awaited clues regarding the path of interest rates during a meeting of central bankers in Jackson Hole.
And by 0629 GMT, spot gold rose 0.3 percent to $ 1920.79 an ounce, its highest level since August 10. While there was little change in US gold futures contracts, to settle at $1948.70.
The Federal Reserve holds its annual meeting in Jackson Hole, Wyoming, from August 24-26. Investors are awaiting Fed Chairman Jerome Powell’s speech on Friday to see if interest rates will remain high for a longer period.
Higher interest rates in the United States increase the opportunity cost of holding non-yielding gold.
The dollar and US Treasury yields fell following global economic data came less than expected.
Business activity in the US came close to recession in August with growth at its weakest level since February, and the UK economy is slowing and may be heading into recession.
As for other precious metals, spot silver fell 0.5 percent to $24.19 an ounce, and platinum fell 0.1 percent to $926.86. Palladium also fell 0.9 percent to $1,263.03.
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