2023-12-26T06:51:12+00:00
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/ Gold prices rose on Tuesday during weak trading due to the Christmas holiday and in light of the decline in the dollar and bond yields due to growing expectations that the Federal Reserve (the US central bank) will reduce interest rates in March.
Gold rose in instant transactions by 0.5 percent to $2,063.78 per ounce by 04:01 GMT, after recording the highest level in more than two weeks at $2,070.39 in the previous session. US gold futures rose 0.3 percent to $2,074.90 an ounce.
Traders now expect an 89 percent chance of an interest rate cut by the US central bank in March, according to the CME Fed Watch tool.
The dollar index fell 0.1 percent, making gold more attractive to holders of other currencies, while the benchmark ten-year US bond yield fell to 3.8838 percent.
Gold is seen as a safe-haven asset in times of geopolitical uncertainty.
Regarding other precious metals, silver rose in spot transactions 0.8 percent to $24.37 per ounce, platinum increased 0.2 percent to $972.85, and palladium rose 0.6 percent to $1,209.74.