2023-04-27 03:52:00
© Archyde.com. A 100-gram gold bar in a store in Zurich, Switzerland, on March 20, 2023. Photo: Dennis Balibus – Archyde.com.
(Archyde.com) – It rose on Thursday as the dollar weakened as investors prepared for a batch of US economic data to be released ahead of the Federal Reserve’s monetary policy meeting next week.
By 0230 GMT, it rose 0.4 percent to $1996.50 an ounce, while US gold futures rose 0.5 percent to $2005.20.
It fell 0.1% on Thursday, making the yellow metal less expensive for holders of other currencies.
On Wednesday, the US House of Representatives narrowly approved a bill to raise the government’s debt ceiling of $31.4 trillion.
Meanwhile, First Republic Bank’s market value fell once more on Wednesday as investors wait to see if it will be able to find buyers for the assets and turnaround without government support.
Edward Meer, metals analyst at Marex, said that given the “turbulent overall banking situation” and “debt ceiling uncertainty, gold is likely to be more sensitive to the upside than the downside.”
Safe-haven gold rose to a one-year high of $2,048.71 in mid-April when the banking crisis unfolded and weak economic readings in the United States boosted bets for a pause in rate hikes.
Lower interest rates increase the attractiveness of non-yielding gold.
Traders will closely follow the quarterly US GDP and weekly jobless claims data due at 1230 GMT, following data on Wednesday showed that new orders for major US-made manufacturing goods fell more than expected in March, while shipments fell, which is likely to Lower spending on equipment slowed economic growth in the first quarter of the year.
For other precious metals, it increased in spot transactions by 0.5 percent, to $25.02 an ounce. Platinum rose 0.3% to $1,092.68, and rose 0.1% to $1,513.81.
(Prepared by Doaa Muhammad for the Arabic Bulletin)
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