golden bars
Gold prices rose, on Tuesday, amid weak trading due to the US Independence Day holiday, but the rise in the dollar limited gains at a time when traders await more economic data later in the week in search of indications about the Federal Reserve’s intentions regarding raising interest rates in the future.
And gold prices rose in spot transactions by 0.2 percent, to reach $ 1925.56 an ounce, by 0623 GMT. US gold futures rose by a similar rate, to $1,932.30.
Trading volume may be modest due to the US holiday.
Investors expect there is about a 90 percent chance of a 25 basis point rate hike in July, according to the CME’s Federal Reserve Monitor, which would push rates to between 5.25 and 5.50 percent before an expected cut in May 2024. And high interest rates reduce investments in gold, which does not yield a return.
And the dollar index rose 0.1 percent, which curbed the rise in bullion prices, given that the rise in the dollar makes gold more expensive for holders of other currencies.
With regard to other precious metals, spot silver rose 0.3 percent to $22.96 an ounce, platinum jumped 1.1 percent to $916.42, and palladium jumped 2.1 percent to $1,254.44.
2023-07-04 08:33:22
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