19 Hrs
Source:
Sharjah24
Gold remains bright despite dollar decline
Gold prices rose on Friday by 0.2% to $4,177.82 per ounce, supported by a decline in the US dollar, despite posting a limited weekly loss of 0.5%. This came amid data indicating that inflation in the United States increased more than expected, with producer prices recording their largest rise in over four years, strengthening expectations of interest rate hikes in the future. In this context, the market anticipates a 28% chance of rate increases before the end of October and an 89% chance in December, as investors monitor Federal Reserve trends regarding monetary policy. Additionally, rising inflation reduces gold’s appeal as a safe haven, especially with increasing interest rates. With the dollar weakening, other precious metals' prices rose, though all are headed toward weekly losses.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)