Gold is rising and approaching the “important” level

Gold is rising and approaching the “important” level
Gold is rising and approaching the “important” level

LONDON (Reuters) – Gold prices hovered near an “important level” on Monday, supported by a falling dollar, as investors weighed the Federal Reserve’s possible response to inflationary pressures after its boss said inflation could continue for longer than expected.
And the price of gold in spot transactions rose 0.3 percent to 1797.81 dollars an ounce (an ounce) by 07:12 GMT. US gold futures rose 0.1 percent to $1,797.20.
On Friday, the yellow metal rose to its highest level since early September before giving up some gains on the back of Federal Reserve Chairman Jerome Powell saying that the US central bank should start reducing its purchases of assets.
“Gold is seeing some short-term momentum, as some investors are looking for a hedge against inflation and see gold as a potential supply,” said Kyle Rhoda, market analyst at IG, adding that $1,830 was a key resistance if gold crossed $1,800.
But in the longer term, Rhoda said, the trajectory of gold mainly depends on how central banks act to contain inflation.
Gold is often considered an inflation hedge, but reducing stimulus and raising interest rates raise government bond yields, leading to a higher opportunity cost of holding the non-yielding metal.
As for other precious metals, silver rose in spot transactions 0.5% to $24.43 an ounce. Platinum rose 0.2 percent to $ 1042.23, and palladium rose 0.6 percent to $ 2033.21.

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Gold rising approaching important level

 
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