Gold prices rose marginally during trading today, Thursday, August 24 (2023), recording the highest level in two weeks, with the decline of the US dollar.
The yellow metal continues to reap gains for the fifth consecutive session, with US Treasury yields declining as investors wait to know the interest rate signals that central bankers will present at the Jackson Hole meeting.
Gold prices ended their trading yesterday, Wednesday, with an increase of more than 22 dollars, with the decline of the US currency.
Gold prices today
By 07:00 AM GMT (10:00 AM Mecca time), gold futures prices – December 2023 delivery – rose 0.08% ($ 1.6), to $ 1949.70 an ounce.
Spot gold contracts increased by 0.32%, to record $1921.63 an ounce, the highest level since August 10, according to figures seen by the specialized energy platform.
On the other hand, the spot price of silver metal decreased by 0.60%, to $24.17 an ounce, and the spot price of platinum decreased by 0.12%, to reach $931.88 an ounce, and the spot palladium price decreased by 0.94%, to record $1265.58 an ounce.
At the same time, it decreased dollar index The American – who monitors the performance of the US currency against 6 major currencies – increased by 0.01%, to reach 103.41 points.
Gold jewelry at an exhibition in India – Photo courtesy of Reuters
Gold price analysis
The Federal Reserve holds its annual symposium in Jackson Hole, Wyoming, from August 24-26, as investors look to Chairman Jerome Powell’s speech on Friday to confirm whether interest rates will remain high for much longer.
Higher US interest rates increase the opportunity cost of holding gold, which pays no dividends.
Baden Moore, Head of Carbon and Commodities at National Australia Bank, said: “The weaker PMI survey result reduces the risk of further interest rate increases in the US and Europe in our view, which is broadly positive for gold prices and puts downward pressure on yields. US Treasury bonds.
US business activity came close to recession in August, with growth reaching its weakest level since February, while the UK economy is also slowing and may be heading into recession.
Traders also confirmed bets that the European Central Bank is expected to pause interest rate hikes in September, as sharp contractions in business activity signal an exacerbation of economic pain.
Technical analyst said to ReutersWang Tao said that spot gold may extend its gains to the range of $1928-$1934 an ounce.
For his part, market strategist at IG, Yip Jun Rong, said: “As for silver, the immediate resistance at $24.50 will be in check after that, and a move above this level could pave the way for a retest of the year-to-date high of $26.”
related topics..
Also read..
Subscribe to the newsletter to receive the most important energy news.
2023-08-24 07:24:00
#Gold #prices #rise #highest #level #weeks #decline #dollar #energy
