Gold prices rose on Wednesday as the dollar retreated from a one-month peak after comments from Federal Reserve Chairman Jerome Powell deemed less hawkish.<\/p>\n\n\n\n
By 0744 GMT, spot gold rose 0.4 percent to $1880.97 an ounce, and US gold futures rose 0.4 percent to $1880.10.<\/p>\n\n\n\n
Lower interest rates benefit gold as they reduce the opportunity cost of holding non-yielding yellow metal.<\/p>\n\n\n\n
On Tuesday, Powell said the latest US jobs report showed it would take “some time” to bring inflation back to the 2 percent target, indicating the need for more rate hikes.<\/p>\n\n\n\n
Gold prices rose on Tuesday after the dollar fell from its highest level in a month when Powell made his remarks, as most market participants seemed to agree that this did not come as a surprise with sharper monetary tightening.<\/p>\n\n\n\n
Pressure continued on the dollar on Wednesday, and it fell in the latest trading by 0.2 percent, which increased the attractiveness of gold to buyers holding other currencies.<\/p>\n\n\n\n
As for other precious metals, spot silver rose 1.1 percent to $22.43 an ounce, after hitting a two-month low in the previous session.<\/p>\n\n\n\n
Platinum rose 1.2% to $985.10, and palladium rose 1.3% to $1,667.36.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices rose on Wednesday as the dollar retreated from a one-month peak after comments from Federal Reserve Chairman Jerome Powell deemed less hawkish. By 0744 GMT, spot gold rose 0.4 percent to $1880.97 an ounce, and US gold futures rose 0.4 percent to $1880.10. Lower interest rates benefit gold as they reduce the opportunity …<\/p>\n","protected":false},"author":9,"featured_media":70951,"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":[7072,6868,6874,8676],"class_list":["post-79677","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-factory-activity","tag-fomc","tag-gold","tag-ism-manufacturing-pmi"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/79677","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=79677"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/79677\/revisions"}],"predecessor-version":[{"id":79678,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/79677\/revisions\/79678"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70951"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=79677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=79677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=79677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}