Gold Stabilizes in Light of The US Dollar’s Decline to its Lowest Level in a Month

Gold prices stabilized Thursday, September 23, after the dollar gave up some of its gains due to hints from the Federal Reserve of a faster-than-expected interest rate hike, but positive news from China’s Evergrande limited the demand for possession of the yellow metal, which is considered a safe haven.

Spot gold rose 0.2% to $1,770.94 an ounce by 09:24 GMT, while US gold futures fell 0.5% to $769.50.

The dollar fell from its highest level in a month, as investors absorbed the Fed meeting and the following statements from its Chairman, Jerome Powell, that the gradual reduction of stimulus measures is not far away.

As for other precious metals, silver rose 0.7% to $22.82 an ounce, platinum rose 1.2% to $1,009.01 an ounce, and palladium rose 1.4 percent to $2,052.68.