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Gold prices climbed on Thursday, buoyed by a weakening dollar and escalating tensions in the Middle East. Investors remained attentive to upcoming US economic data, seeking insights into the Federal Reserve’s future interest rate policies.
By 0328 GMT, spot gold advanced by 0.1 percent to $2,026.7 per ounce, following yesterday’s surge to its highest levels since February 9. Meanwhile, US gold futures edged up by 0.1 percent to $2,036.9 per ounce.
The prolonged decline of the dollar index over four consecutive days enhanced the appeal of gold, denominated in US currency, to international buyers.
In the Middle East, Israel intensified its bombardment of Rafah city in the southern Gaza Strip, resulting in the tragic loss of more than ten lives from a single family in an airstrike. The Ministry of Health in the besieged Palestinian territory reported a total death toll of 29,313 individuals amidst the ongoing conflict.
Among other precious metals, platinum saw a 0.3 percent increase in spot transactions, reaching $885.30 per ounce, while palladium rose by 0.6 percent to $955.63. Additionally, silver experienced a slight uptick of 0.1 percent, reaching $22.89 per ounce.
Key Points:
- Gold prices benefit from dollar weakness and geopolitical tensions.
- Investors await US economic data for clues on Federal Reserve’s interest rate policies.
- Spot gold reaches $2,026.7 per ounce; US gold futures stand at $2,036.9 per ounce.
- Weakening dollar index boosts international demand for gold.
- Escalating tensions in the Middle East contribute to gold’s appeal as a safe-haven asset.
- Platinum, palladium, and silver also register modest gains in spot transactions.
