The price of gold rose in spot transactions 0.92% to $ 1866.90 an ounce.
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The price of gold in spot transactions increased by 0.92%
Gold prices rose on Wednesday, as concerns about inflation prompted investors to seek safety in the precious metal, unconcerned with the strength of the dollar, fueled by bets on early interest rate hikes from the US Federal Reserve.
And gold rose in spot transactions 0.92% to $ 1866.90 an ounce by 18:35 GMT. The yellow metal fell in the previous two sessions, after a series of gains that lasted 7 sessions.
And US gold futures rose 0.84% to $ 1869.60 an ounce.
“The main support for gold and silver remains the inflationary pressures that we still see in the market,” said David Meijer, director of metals trading at “High Ridge Futures.”
The US dollar index, which competes with gold as a safe store of value, touched its highest level since July 2020, buoyed by better-than-expected US retail sales data.
Among other precious metals, silver rose 1% to $ 25.05 an ounce, while platinum fell 0.14% to $ 1059.60 and palladium rose 1.2% to $ 2184.60.
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