© Reuters. 50 gram gold bars in Mendrisio, Switzerland on July 13, 2022. Photo: Denis Balibos / Reuters
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From Arundhati Sarkar
(Reuters) – It rose Wednesday, supported by the dollar’s decline, but gains were limited by expectations that the Federal Reserve will take a firm approach to contain inflation, which saw a sudden rise for the month. last.
Prices rose 0.2 percent to $ 1704.03 an ounce by 1116 GMT.
US gold futures fell 0.2% to $ 1,714.70.
Michael Howson, chief market analyst at CMC Markets, said that while weakness is helping push gold out of its lows, higher yields are likely to make it harder for prices to make visible short-term gains.
In the previous session, gold prices recorded their largest single-day percentage drop since July 14, while the dollar recorded its best daily performance since March 2020 after the sudden rise in the consumer price index in the United States in August.
Inflation data has raised expectations that the Federal Reserve will raise financial costs faster and more than previously estimated, with some even predicting that the Fed could raise interest rates by 100 basis points by the end of the meeting. scheduled for 20-21 September.
Among other precious metals, it rose 1% in spot transactions to $ 19.51 an ounce.
Platinum was up 2.2% to $ 897.95, while Palladium saw little change at $ 2106.46.
(Prepared by Marwa Gharib for the Arabic Bulletin – Edited by Ahmed Maher)
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