Gold rises on inflation fears and the dollar’s decline

Gold rises on inflation fears and the dollar’s decline
Gold rises on inflation fears and the dollar’s decline

Gold prices received support today, Wednesday, from concerns that the economy will be affected by high energy prices and a slight decline in the dollar, as investors awaited US inflation data.

And gold rose in spot transactions 0.4 percent to 1767.08 dollars an ounce (an ounce) by 0908 GMT, while US gold futures rose 0.5 percent to 1767.10 dollars.

Yields on benchmark 10-year US Treasury bonds have fallen from highs hit in June, while the dollar gave up gains in the previous session, making the yellow metal cheaper for overseas buyers.

Today, US consumer price inflation data and the minutes of the Federal Reserve’s September meeting will be released amid concerns that inflation, exacerbated by an energy crisis in major economies, may hamper growth.

“As recession talks continue to undermine global sentiment and encourage risk aversion, this could support gold buyers – resulting in higher prices,” said Lucman Otunuga, analyst at FXTM.

As for other precious metals, silver rose in spot transactions 1.1 percent to $22.77 an ounce, platinum rose 0.3 percent to $1010.03, while palladium rose 1.7 percent to $2,079.68.

Follow the economic statement via Google News

Print
Email
Facebook
Twitter
LinkedIn
Pin Interest
Whats App

 
For Latest Updates Follow us on Google News
 

PREV The Kuwait Stock Exchange rises at the close… and expectations for the next stage are still positive
NEXT The head of the division clarifies the date of the rise in gold prices.. an opportunity to buy