Prices of the yellow metal rose for the third consecutive session on Thursday, supported by the dollar’s decline, as investors looked to the Jackson Hole economic symposium in search of indications about inflation and the interest rate path from the US Federal Reserve.
Sharjah 24 – Archyde.com:
On Thursday, gold rose in spot transactions 0.8% to $1,764.39 an ounce by 09:27 GMT.
And gold futures contracts in the United States increased by 0.9% to 1777.60 dollars.
The economic symposium begins today, Thursday, and special attention is focused on Federal Reserve Chairman Jerome Powell’s speech on Friday.
Investors are interested to know whether the board will send a clear message that could be a new catalyst for the precious metal.
Carsten Minke, analyst at Julius Baer, explained that the slight decline of the dollar, the rise in real US bond yields to their peak, and the renewed risk aversion in financial markets, seem to be the drivers of gold’s temporary recovery.
The dollar index fell 0.5%, making gold less expensive for buyers abroad.
Rona O’Connell, an analyst at Stone X, attributed the gold’s gains to China’s plan to take more steps to support the economy, including increasing funding support for infrastructure projects.
O’Connell said the entire commodity sector benefited from the news, adding that gold is now moving back into neutral territory after a sharp pullback.
Spot silver rose 1% to $19.35 an ounce, platinum rose 0.6% to $882.27, and palladium 0.9% to $2052.41.