Gold rises with growing economic concerns

Gold prices rose on Tuesday as investors feared the repercussions of central banks’ plans to tighten monetary policy, but rising US bond yields, which supported the dollar, limited the gains.

The price of gold increased 0.2 percent in spot trading, recording $1845.20 an ounce by 0842 GMT, recovering after touching $1836.10 an ounce, its lowest level in a week.

And the price of US gold futures contracts rose 0.2% to $ 1849 an ounce.

Global stock prices fell after the Reserve Bank of Australia surprisingly raised interest rates by half a percentage point, raising concern about the trend towards further tightening of monetary policy.

The European Central Bank meets later this week and the Open Market Committee of the US Federal Reserve (the central bank) meets on June 14-15.

With regard to other precious metals, the price of platinum fell 0.9 percent to $ 1008.63 an ounce and palladium rose 0.5 percent to $ 2013.22 an ounce. Silver fell 0.2 percent to $22.02 an ounce.