Global increase in gold prices
Gold prices rose globally on Thursday following the announcement by U.S. Federal Reserve Chair Kevin Worch of the commitment to combat inflation, despite the central bank keeping interest rates unchanged. Spot gold increased by 0.4% to reach $4,080.38 per ounce, and U.S. gold futures for August delivery rose by 1.1% to $4,078. The move heightened uncertainty regarding future interest rate hikes, as the likelihood of a rate increase in September declined from 81% to 57%. Other precious metals also saw gains, with silver up by 1% to $58.20 per ounce, platinum rising by 0.3% to $1,616.84, and palladium increasing by 1.9% to $1,270.50.
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