Gold Rises as US Bond Yields Drop Despite The Dollar’s Rise

Gold prices rose on Wednesday, March 24th, as US Treasury yields stabilized near their lowest level in a week, while the metal ignored the dollar’s ​​rise in the wake of the US Federal Reserve’s assertion that the inflation rate will not get out of control.

Gold rose in the spot market 0.2% to $1730.25 an ounce. US gold futures rose 0.2% to $1728.60 an ounce.

Bond yields fell to the lowest level since March 16, while the dollar crossed its highest level in two weeks after Powell told the US Congress yesterday that he expects the rate of inflation to rise during the year, but the increase “will not be very large or permanent.”

In terms of other precious metals, palladium settled at $2,602.70 an ounce, while silver increased 0.2% to $25.12, while platinum fell 0.2% to $1166.31.