Gold prices rose on Thursday, supported by a slight decline in the dollar, but the odds that interest rates in the United States will remain high for a longer period limit the gains of the yellow metal.<\/p>\n\n\n\n
Gold in instant transactions rose 0.3 percent to $ 1830.90 an ounce by 0708 GMT. US gold futures fell 0.1% to $1,839.60 an ounce.<\/p>\n\n\n\n
High interest rates make gold less attractive as a hedge against inflation, as they increase the opportunity cost for holders of the non-yielding metal.<\/p>\n\n\n\n
On Wednesday, the minutes of the Federal Reserve’s last policy meeting showed that policy makers agreed that there was a need to raise interest rates more, but shifting to lower rates would allow them to move step by step according to the data received.<\/p>\n\n\n\n
Moreover, a raft of data released in the past few weeks has shown the strength of the US economy, adding to concerns that the Federal Reserve will remain on its tightening path.<\/p>\n\n\n\n
James Bullard, President of the Federal Reserve Bank of St. Louis, confirmed on Wednesday that the bank’s policy of raising interest rates in a range between 5.25 percent and 5.5 percent would be enough to curb inflation. Dealers in Fed futures expect interest rates to peak at 5.362 percent in July and remain above 5 percent for the year.<\/p>\n\n\n\n
Investors’ attention is now focused on personal spending data for US consumers due to be released on Friday.<\/p>\n\n\n\n
The dollar index fell 0.2 percent, making gold cheaper for holders of other currencies. US Treasury yields fell for ten years from Wednesday’s highest level in three months.<\/p>\n\n\n\n
In terms of other precious metals, spot silver rose 0.5 percent to $21.61 an ounce. Platinum jumped 0.5 percent to $953.13. Palladium fell 0.6 percent to $1,472.72.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices rose on Thursday, supported by a slight decline in the dollar, but the odds that interest rates in the United States will remain high for a longer period limit the gains of the yellow metal. Gold in instant transactions rose 0.3 percent to $ 1830.90 an ounce by 0708 GMT. US gold futures …<\/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":[38,37,36],"tags":[6885,7770,6874,8444],"class_list":["post-80498","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-fomc-minutes","tag-gold","tag-hawkish-language"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80498","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=80498"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80498\/revisions"}],"predecessor-version":[{"id":80499,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80498\/revisions\/80499"}],"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=80498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=80498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=80498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}