2023-11-09T07:01:42+00:00
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/ Gold prices hovered near the lowest level in three weeks on Thursday as the demand for safe havens resulting from the conflict in the Middle East faded, while investors awaited the statements of the Chairman of the Federal Reserve (US Central Bank) seeking more evidence regarding interest.
By 0337 GMT, gold in spot transactions fell 0.1 percent to $1,948.39 per ounce, after recording its lowest levels since October 19 yesterday, Wednesday. US gold futures fell 0.2 percent to $1,953.50.
A large number of Federal Reserve officials who spoke this week maintained a balanced tone regarding the US central bank’s next decision, but indicated that they would focus on economic data and the impact of rising long-term bond yields.
Powell did not comment on monetary policy or the economic outlook in prepared remarks at a conference on Wednesday. He is scheduled to speak at another conference on Thursday.
Low interest rates enhance the attractiveness of the yellow metal, which does not generate a return.
Gold prices exceeded the key level of $2,000 per ounce last week after escalating tension in the Middle East led to increased demand.
As for other precious metals, silver fell in spot transactions 0.5 percent to $22.41 per ounce, while platinum increased 0.4 percent to $869.70.
Palladium fell 0.9 percent to $1,040.77, hovering near its lowest levels since 2018.