{"id":73104,"date":"2022-09-29T00:08:59","date_gmt":"2022-09-28T20:08:59","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=73104"},"modified":"2022-09-29T00:14:18","modified_gmt":"2022-09-28T20:14:18","slug":"gold-reaches-best-level-in-almost-a-week","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/gold-reaches-best-level-in-almost-a-week\/09\/29\/market-updates\/","title":{"rendered":"Gold reaches best level in almost a week"},"content":{"rendered":"\n<p>Gold prices soared on Wednesday, bolstered by a deep cutback in global bond yields and a weaker US dollar. In the afternoon trade, the Gold Index was up about 2% to $1,670, its best level since last Thursday. <br><br>Gold is trading at 1659.38 at the time of writing, so it is still hovering around 1660 per ounce versus Tuesday\u2019s closing price at $1628.56. During the day, the Dollar Index retreated more than 1% as the US Treasury curve shifted sharply lower, with the 10-year note sinking more than 20 basis points to 3.80% from its multi-year high of 4.01% set in the overnight session.<br><br>Meanwhile, the plunge in UK rates was more forceful. The yield on gilts maturing in 30 years fell more than 130 basis points to 3.92%, the largest one-day drop since 1992.<br><br>Volatility in the fixed income space was undoubtedly triggered by the BoE&#8217;s unexpected &#8220;quantitative easing&#8221; decision. For context, BoE announced a dramatic intervention in the bond market to stave off a crash, pledging unlimited purchases of long-term debt, despite ongoing efforts to tighten monetary policy in the fight to tame sky-high price pressures.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices soared on Wednesday, bolstered by a deep cutback in global bond yields and a weaker US dollar. In the afternoon trade, the Gold Index was up about 2% to $1,670, its best level since last Thursday. Gold is trading at 1659.38 at the time of writing, so it is still hovering around 1660 &hellip;<\/p>\n","protected":false},"author":13,"featured_media":61161,"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":[38,36],"tags":[6874,9351,6871],"class_list":["post-73104","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-gold","tag-government-bond-yields","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73104","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=73104"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73104\/revisions"}],"predecessor-version":[{"id":73109,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73104\/revisions\/73109"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61161"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}