Open Demo Account
Home / Market Update / Commodities / Gold Stabilizes in Light of The US Dollar’s Decline to its Lowest Level in a Month

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

Adel 23 September, 2021 4:20 pm Commodities, Market Update

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.

Tags

Check Also

Where US Economy Stands Prior To Election Results

As voters prepare to choose the next president, the U.S. economy is, by most measures, …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends