Gold prices rose to their highest level in nearly two weeks today. And is likely to make a record increase this week, the most since mid-January.
The price of spot gold rebounded to $1,847.58 today. which is the highest level since Feb. 20.
As for the gold price in the futures market at 21.06 Thai time, the COMEX (Commodity Exchange) gold contract is delivered in April. plus $ 12.60 or 0.68% to $ 1,853.10 / ounce
The gold price was boosted by the weakening of the dollar. and the fall in US government bond yields.
A weaker dollar increases the attractiveness of gold. By making gold contracts cheaper for holders of other currencies. As for the fall in US government bond yields. This will reduce the opportunity cost of holding gold. Because gold is an asset without interest in the form of interest.
Analysts stated that If the price of gold surpasses $ 1,865, it will cause a new round of buying pressure to push the price further.
Federal Reserve Chairman Jerome Powell is set to deliver his semi-annual speech to Congress next week on monetary policy and economic conditions.
Mr Powell will speak to the Senate Banking Committee on Tuesday, March 7 at 10:00 a.m. ET before the House Financial Services Committee. Representatives on Wednesday, March 8, at the same time
Investors are watching Powell’s comments for signs of the US economy. and the direction of the Fed’s interest rates. Before the Fed will hold a monetary policy meeting on March 21-22.
