{"id":85567,"date":"2023-06-20T15:14:51","date_gmt":"2023-06-20T11:14:51","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=85567"},"modified":"2023-06-20T15:14:54","modified_gmt":"2023-06-20T11:14:54","slug":"gold-is-becoming-more-lustrous-with-the-decline-of-the-dollar","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/gold-is-becoming-more-lustrous-with-the-decline-of-the-dollar\/06\/20\/market-updates\/","title":{"rendered":"Gold is becoming more lustrous with the decline of the dollar"},"content":{"rendered":"\n<p>Gold rose on Tuesday as the dollar fell, but gains remained limited as traders await Federal Reserve Chairman Jerome Powell&#8217;s testimony before Congress later this week to get a clearer picture of the path of interest rates.<\/p>\n\n\n\n<p>Gold spot transactions increased 0.15 percent to $ 1952.98 an ounce by 0926 GMT. But US gold futures fell 0.4 percent to $1,964.10.<\/p>\n\n\n\n<p>Although a weaker dollar should support gold, the precious metal&#8217;s gains are likely to remain limited ahead of Powell&#8217;s congressional testimony on Wednesday and Thursday, said Peter Fertig, an analyst at Quantitative Commodities Research.<\/p>\n\n\n\n<p>The dollar fell 0.1 percent, making gold cheaper for holders of other currencies.<\/p>\n\n\n\n<p>Dealers expect a 74 percent increase in US interest rates by 25 basis points in July, to a range between 5.25 and 5.50 percent, excluding any rate cuts before the start of 2024, according to CME&#8217;s VideoWatch tool.<\/p>\n\n\n\n<p>Higher interest rates increase the opportunity cost of holding non-yielding metal.<\/p>\n\n\n\n<p>As for other precious metals, spot silver fell 0.1 percent to $23.91 an ounce, platinum also fell 0.7 percent to $969.04, and palladium fell 0.7 percent to $1,396.35.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold rose on Tuesday as the dollar fell, but gains remained limited as traders await Federal Reserve Chairman Jerome Powell&#8217;s testimony before Congress later this week to get a clearer picture of the path of interest rates. Gold spot transactions increased 0.15 percent to $ 1952.98 an ounce by 0926 GMT. But US gold futures &hellip;<\/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":[6885,7603,6984],"class_list":["post-85567","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gold-prices","tag-treasury-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85567","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=85567"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85567\/revisions"}],"predecessor-version":[{"id":85568,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/85567\/revisions\/85568"}],"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=85567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=85567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=85567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}