2023-11-29T09:02:38+00:00
A-
A
A+
/ Gold prices touched their highest levels in almost seven months, on Wednesday, thanks to the decline in the dollar and US bond yields, with increasing investor confidence that the Federal Reserve (US Central) will lower interest rates during the first half of next year.
By 06:32 GMT, gold in instant transactions rose 0.2 percent to $2,044.69 per ounce, after reaching its highest levels since May 5. US gold futures for December delivery rose 0.3 percent to $2,045.30 an ounce.
Lower interest rates reduce the opportunity cost of holding non-yielding gold.
Investors’ attention is now on revised third-quarter US GDP numbers due on Wednesday, and headline personal consumption expenditures data, the central bank’s preferred measure of inflation, on Thursday.
The dollar index reached its lowest level in more than three months against its competitors, which makes gold less expensive for holders of other currencies, and the index is about to record its worst monthly performance in a year.
The yield on 10-year Treasury bonds fell to the lowest level in more than two months, at 4.2629 percent.
As for other precious metals, silver fell in spot transactions 0.2 percent to $24.96 per ounce, platinum fell 0.3 percent to $936.78, while palladium rose 0.2 percent to $1,056.62 per ounce.