Gold prices rose today, supported by demand for safe havens amid the conflict in the Middle East, while investors look for more clarity on the future path of US interest rates.
The price of gold in spot transactions rose 0.7 percent to $2,019.12 per ounce at settlement, a day after it fell to its lowest levels in five weeks. US gold futures also increased 0.8 percent to $2,021.6.
Atlanta Federal Reserve Bank President Rafael Bostic said he is open to cutting US interest rates sooner if there is “convincing” evidence in the coming months that inflation is falling faster than expected.
Lowering interest rates reduces the opportunity cost of holding bullion.
As for other precious metals, silver rose in spot transactions by 0.9 percent to $22.74 per ounce. Platinum increased 2.4 percent to $904.74, and palladium rose 2.7 percent to $940.28.
2024-01-18 22:55:08
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