2024-02-15 16:57:59
Gold prices rose, Thursday, following weak economic data in the United States pushed the dollar and Treasury bond yields lower, while the focus of market traders turned to statements by US Federal Reserve officials to obtain more indications of when to cut interest rates.
Price movements
By 15:05 GMT, spot gold rose 0.6 percent to $2,003.67 per ounce.
US gold futures rose 0.6 percent to $2,015.50 per ounce.
US retail sales fell more than expected in January.
A separate report issued by the Ministry of Labor showed that applications submitted for the first time for government unemployment benefits fell by eight thousand applications to a seasonally adjusted level of 212 thousand.
The dollar index continued its losses and 10-year Treasury bond yields fell following the data was released, making gold, which does not generate a return, more attractive to foreign buyers.
Traders currently expect that US Federal Reserve policymakers will wait until June before lowering interest rates.
Raising interest rates increases the opportunity cost of owning the yellow metal.
The focus is now on the Producer Price Index numbers, which will be released tomorrow, Friday.
Three Federal Reserve officials are scheduled to make statements later in the week.
As for other precious metals, platinum in spot transactions rose 3.1 percent to $963.63 per ounce.
Palladium rose 1.2 percent to $900.10, and silver increased 2.4 percent to $22.90 per ounce.
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