Gold is rising, but is heading for a monthly decline due to the strength of the dollar

2023-05-31 20:00:08

Gold rose on Wednesday, supported by lower Treasury yields, but the strength of the dollar, the expectation of raising interest rates, and optimism about the US debt ceiling agreement makes the yellow metal heading for the first monthly decline in three months.

Spot gold prices rose 0.4 percent to $1,966.89 an ounce by 1818 GMT, and gold has fallen 1.1 percent so far this month. US gold futures rose 0.3 percent to $1,982.10 upon settlement.

Gold prices fell after approaching record highs in early May, partly affected by expectations that the US central bank will raise interest rates next month.

High interest rates would weaken the attractiveness of gold, which does not yield a return.

As for other precious metals, silver rose 1.5 percent to $23.56 an ounce, platinum fell 1.6 percent to $998.31, while palladium fell 2.5 percent to $1,366.29. All of these metals are heading for a monthly decline.

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