Gold prices today .. “yellow” feeds on inflation and the trembling...

Gold prices today .. “yellow” feeds on inflation and the trembling...
Gold prices today .. “yellow” feeds on inflation and the trembling...

Gold prices rose on Thursday, supported by concerns about the continued rise in inflation and the decline in the price of the dollar, as the metal offers itself a safe haven.

Gold is considered a hedge in the face of inflation, but reducing stimulus and raising interest rates pushes government bond yields to rise, which increases the opportunity cost of acquiring the yellow metal that does not generate returns.

Gold prices today

And the price of gold in spot transactions rose 0.2% to $ 1785.01 an ounce (an ounce) by 0931 GMT.

US gold futures rose 0.1% to $1,786.70.

“The rise in yields is clearly negative for gold, but at the same time there are increasing inflationary pressures with the rise in crude oil prices, which in turn raised the demand for gold,” said Foad Razakzadeh, analyst at Think Markets.

Benchmark US 10-year bond yields hit a five-month high.

Two US Federal Reserve officials said on Wednesday the central bank should start cutting its stimulus measures, but it was too early to raise interest rates.

trembling dollar

At the same time, the dollar index was stable after touching its lowest level in three weeks earlier in the session, which supported the attractiveness of gold to holders of other currencies.

The Australian and New Zealand dollars retreated from overnight highs, and the US dollar fell against the yen on Thursday in what analysts said was profit-taking after a strong rally.

The US dollar index settled during the day and by 0740 GMT at 93.642 points. The dollar fell 0.2% against the Japanese yen to 114.065 yen, after falling from 114,695 yen to the dollar, which was hit on Wednesday and was the weakest level for the yen in four years.

The yen also exceeded its recent losses against the Australian dollar, which rose in the past few weeks against the yen and reached its highest level since 2018 last night before retreating.

Jeremy Stritch, CIBC’s director of currency, said weak Asian stocks and waning risk appetite may have contributed to the decline.

precious metals prices

As for other precious metals, silver fell 0.3% to $ 24.19 an ounce, platinum fell 0.2% to $ 1048.26, and palladium fell 0.4% to $ 2062.93.

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