Gold prices rose today, Wednesday, to near record highs as the growing threat of an escalation of conflict in the Middle East, prompting investors to to a precious metal as a safe haven. A short-term decline in the value of the US dollar and US Treasury bond yields also contributed to supporting gold prices.
Gold in spot trade rose 0.3 percent to $2,389.38 an ounce by 10:14 GMT, not far from the all-time high of $2,431.29 hit on Friday. U.S. gold futures fell 0.1 percent to $2,405.10.
Lukman Otunuga, senior research analyst at FXTM, said: “The precious metal is seeing overbought from a technical perspective…policy expectations.”
Dollar and ten-year Treasury bond yields fell from their highest levels in five months, making the price of the yellow metal in US currency less attractive to holders of other currencies.
Senior Federal Reserve (US central bank) officials, including Chairman Jerome Powell, refused to give any indication of when they will start cutting interest rates, and said monetary policy must remain under tension for a longer period of time.
As for other precious metals, silver in spot trading rose 1.4 percent to $28.47 an ounce. Platinum rose 0.1 percent to $957.50, while palladium rose 0.8 percent to $1,021.43.
2024-04-17 11:52:00
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