Gold rises, taking advantage of the dollar’s decline

by times news cr

2024-01-10T08:59:18+00:00

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/ Gold prices rose slightly during these moments of trading, today, Wednesday, with the decline in the dollar and Treasury bond yields, ahead of the main US inflation report that may shed some light on the path of lowering interest rates by the Federal Reserve.

The “CNBC Arabia” economic network reported that gold futures contracts have now risen to the level of $2037 per ounce, by 0.2%, while spot gold contracts are rising by about 0.07% to $2031 per ounce, and on the other hand, the dollar index is declining by 0.06% to 102.22 points.

Upon settlement, gold futures prices for delivery next February settled at $2,033 per ounce, after rising to touch $2,048.60 during trading.

Traders are now focusing on the US consumer price inflation report scheduled for tomorrow, Thursday, which is expected to show headline inflation rose by 0.2% last December and 3.2% on an annual basis.

An official US report revealed that consumers expect a decline in inflation, while Federal Reserve Governor Michelle Bowman said that the US central bank’s monetary policy appears “sufficiently restrictive.”

Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

Silver fell in spot transactions 0.4% to $22.87 per ounce, while platinum fell 0.2% to $927.88, and palladium rose 0.1% to $978.97.

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