2023-11-16T06:26:02+00:00
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/ Gold prices rose on Thursday, supported by expectations that the Federal Reserve (the US central bank) had reached the end of its monetary tightening cycle, but the rise in the dollar limited the gains.
Gold rose in spot transactions 0.1 percent to $1,961.81 per ounce by 03:15 GMT, while US gold futures settled at $1,964.60.
Matt Simpson, chief analyst at City Index, said: “The fluctuations in gold prices have calmed down after the excitement that followed the US inflation report, and it appears to be completely stable around $1960, despite the dollar trying to recover some of its losses.”
The dollar continued its gains against competing currencies after strong US economic data, making gold more expensive for buyers abroad.
Indicators of a slowdown in inflation have reinforced investors’ bets that the US Federal Reserve has finished its cycle of raising interest rates.
As for other precious metals, silver fell in spot transactions 0.4 percent to $23.36 per ounce, platinum fell 0.6 percent to $890.95, and palladium fell 0.8 percent to $1,022.93 per ounce.