© Archyde.com. Gold bars are displayed inside a gold bullion factory in Mendrisio, Switzerland, on July 13, 2022. Photo: Dennis Balibus/Archyde.com.
(Archyde.com) – Gold rose once more above the key $2,000 level on Tuesday, off its peak in the previous session, while traders await US inflation data due on Wednesday, looking for indications of a rate hike in the future.
And by 1800 GMT, it rose 0.8 percent to $ 2005.79 an ounce. And US gold futures rose 0.8 percent, also recorded at the settlement of $ 2019.00.
The yellow metal received some support from a decline in the dollar, following a jump in the previous session, which also helped offset pressure from rising yields.
Investors are awaiting US consumer price data due on Wednesday, looking for more clarity on the direction of interest rates during the Fed’s monetary policy meeting in May.
New York Federal Reserve Chairman John Williams said the prospect of the US central bank raising interest rates once more by 25 basis points is a good starting point.
The opportunity cost of holding non-yielding gold rises as interest rates rise to rein in inflation.
As for other precious metals, it rose 0.8 percent to $ 25.08 an ounce, while platinum increased 0.6 percent to $ 997.20, and it jumped 1.3 percent to $ 1454.17.
(Prepared by Mahmoud Abdel Gawad and Doaa Mohamed for the Arabic Bulletin)
