Gold prices reversed course and rose on Thursday after a slight decline in the dollar helped dampen risk appetite fueled by waning concerns about the global banking system.<\/p>\n\n\n\n
By 0738 GMT, spot gold rose 0.3 percent to $1,968.89 an ounce. US gold futures settled at $1984.70.<\/p>\n\n\n\n
The dollar index fell 0.1%, making the precious metal cheaper for buyers holding other currencies.<\/p>\n\n\n\n
“In the short term, profit-taking and easing fears of further contagion among banks will lead to a continued decline in the price of gold towards $1920 an ounce,” said Michael Langford, director at AirGuide Consulting.<\/p>\n\n\n\n
Gold rose above $2,000 after the sudden collapse of two US banks this month, but it has given up gains since then as authorities intervened with rescue measures, such as UBS’ acquisition of troubled Credit Suisse and First Citizens Bankers’ purchase of collapsed Silicon Valley bank.<\/p>\n\n\n\n
Market participants are now awaiting Friday’s US PCE data, the Federal Reserve’s preferred inflation measure, for more clues on monetary policy.<\/p>\n\n\n\n
The opportunity cost of holding non-yielding gold rises when interest rates are raised to curb inflation.<\/p>\n\n\n\n
Among other precious metals, silver rose in spot trading 1.2 percent to $ 23.63 an ounce. Platinum rose 0.4% to $971.12, and palladium rose 0.8% to $1,450.86.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices reversed course and rose on Thursday after a slight decline in the dollar helped dampen risk appetite fueled by waning concerns about the global banking system. By 0738 GMT, spot gold rose 0.3 percent to $1,968.89 an ounce. US gold futures settled at $1984.70. The dollar index fell 0.1%, making the precious metal …<\/p>\n","protected":false},"author":9,"featured_media":71492,"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":[10247,6885,6874,7740],"class_list":["post-82169","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-banking-contagion","tag-fed","tag-gold","tag-rate-cut"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82169","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=82169"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82169\/revisions"}],"predecessor-version":[{"id":82170,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/82169\/revisions\/82170"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/71492"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=82169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=82169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=82169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}