Gold reaches its highest level in two weeks as Treasury yields decline

Gold prices rose to their highest levels in two weeks on Thursday, as a decline in the dollar and Treasury yields increased the appetite of investors for bullion, as they awaited clues about the path of interest rates during a meeting of central bankers in Jackson Hole.

And by 0629 GMT, spot gold rose 0.3 percent to $ 1920.79 an ounce, its highest level since August 10. While there was little change in the US gold futures contracts, to settle at $1948.70.

The Federal Reserve holds its annual meeting in Jackson Hole, Wyoming, from August 24-26. Investors are awaiting Fed Chairman Jerome Powell’s speech on Friday to see if interest rates will remain high for much longer.

Higher interest rates in the United States increase the opportunity cost of holding non-yielding gold.

The dollar and US Treasury bond yields fell after global economic data came in less than expected.

Business activity in the United States came close to recession in August, with growth at its weakest level since February, and the British economy is slowing and may be heading towards recession.

As for other precious metals, spot silver fell 0.5 percent to $24.19 an ounce, and platinum fell 0.1 percent to $926.86. Palladium also fell 0.9 percent to $1,263.03.