Gold prices rose more than 1% on Friday, September 9, to reach their highest level in more than a week, as a weak dollar boosted demand for the yellow metal, even as US Reserve policymakers pledged to raise interest rates to tame inflation pressures.<\/p>\n\n\n\n
Spot gold rose 1.1% to 1726.80 an ounce by 0917 GMT. Gold is heading to achieve its first weekly gain in four weeks and rose about 1% this week.<\/p>\n\n\n\n
US gold futures rose 1.1% to $1,738.1.<\/p>\n\n\n\n
The dollar fell more than 1% to its lowest level in more than a week, making gold priced in dollars less expensive for holders of other currencies.<\/p>\n\n\n\n
The US Federal Reserve is expected to raise interest rates by another 75 basis points on September 21.<\/p>\n\n\n\n
Higher interest rates increase the opportunity cost of holding the non-yielding yellow metal and supporting the dollar.<\/p>\n\n\n\n
The European Central Bank raised key interest rates by 75 basis points on Thursday.<\/p>\n\n\n\n
As for other precious metals, silver rose in spot transactions 1.5% to $18.85 an ounce, and increased by 4.7% during the week.<\/p>\n\n\n\n
Platinum rose 0.6% to $884.73 and is on track for its biggest weekly gain since June.<\/p>\n\n\n\n
As for palladium, it rose 1.3 percent to $ 2165.72 and is heading to record the largest weekly gain since July.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices rose more than 1% on Friday, September 9, to reach their highest level in more than a week, as a weak dollar boosted demand for the yellow metal, even as US Reserve policymakers pledged to raise interest rates to tame inflation pressures. Spot gold rose 1.1% to 1726.80 an ounce by 0917 GMT. …<\/p>\n","protected":false},"author":9,"featured_media":71340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6874,7566,6871],"class_list":["post-71977","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-gold","tag-treasury-yield","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=71977"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71977\/revisions"}],"predecessor-version":[{"id":71980,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71977\/revisions\/71980"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71340"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=71977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=71977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=71977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}