2024-02-22 08:06:29
Gold prices rose more than $5, at the beginning of today’s trading, Thursday, February 22 (2024), to reflect the state of decline witnessed yesterday, Wednesday, coinciding with the decline of the American currency once more within the basket of major currencies.
This rise comes a day following the announcement of the minutes of the US Federal Reserve meeting, which revealed that most of the bank’s leaders are concerned regarding the risks of prematurely reducing interest rates, as well as the duration of maintaining tight policies in the face of inflation.
Gold prices achieved a noticeable increase over the course of yesterday’s sessions, Wednesday, February 21, before recording the first decline in the last sessions, as futures prices fell by regarding $5.5, to reach $2034.3 per ounce.
Gold prices today
By 07:45 AM GMT (10:45 AM Mecca time), the prices of gold futures contracts, for delivery in April 2024, rose by 0.32%, or the equivalent of $5.4, to record regarding $2,040.90 per ounce.
The prices of contracts for immediate delivery of gold also recorded an increase of regarding $5.13, or 0.25%, to reach $2031.12 per ounce, according to figures seen by the specialized energy platform.
Gold jewelry in an exhibition – photo from Reuters
The spot price of silver metal rose by 0.91% to $23.31 per ounce, the spot price of platinum rose by 0.75% at $894.40 per ounce, while the spot price of palladium increased by 1.08% to record $964.34 per ounce.
At the same time, it decreased Dollar index – which monitors the performance of the US currency once morest 6 major currencies – by 0.31%, reaching the level of 103.69 points.
Gold price analysis
Markets analyst at IGC, Maria Scott, believes that gold prices declined during the last session with the lack of clarity regarding the upcoming movement of the US economy, especially with the uncertainty surrounding the announcement of the Federal Reserve statement.
She pointed out that the information revealed in the minutes of the meeting regarding concerns among the leaders of the US Central Bank regarding reducing interest rates at the present time indicates a state of confusion, with investors preferring to turn to an alternative that is stable on the ground and rises in a way that achieves gains.
It is noteworthy that a US Federal Reserve official had warned once morest continuing to delay the reduction of interest rates for a long period, which may affect the performance of the US currency globally in the face of alternative investments, according to statements reviewed by the specialized energy platform.
Last week’s consumer and producer price data in the United States were higher than expected. This contributed to strengthening expectations for lowering interest rates during March 2024.
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