Gold prices rise to the highest level in more than a week

Amman Today

publish date 2022-03-24 19:42:34

Jordan word

Gold prices rose on Thursday to their highest levels in more than a week, as the precious metal’s safe-haven appeal increased due to fears of a sharp rise in inflation and uncertainty around the war in Ukraine.

And gold rose in immediate transactions 0.8 percent to 1958.75 dollars an ounce, the highest level since March 14. US gold futures rose 0.9 percent to $1,954.80 an ounce.

“Very strong inflationary pressures remain the primary support driving the gold price,” said David Meijer, director of metals trading at High Ridge Futures. But there are other contributing factors, the most obvious of which is the war in Ukraine.”

Last week, the US central bank raised the cost of borrowing by 25 basis points and since then the bank’s top policy makers have been supporting more monetary tightening this year to combat rising inflation.

Analysts say that non-yielding gold tends to lose its attractiveness when interest rates rise, but the escalating conflict in Ukraine and rising oil prices have added to existing inflationary pressures and helped establish a firm support floor for gold prices.

US President Joe Biden will meet his country’s European allies at an emergency NATO summit on Thursday, amid differences over imposing more sanctions on the Russian energy sector. As for other precious metals, silver rose 2.3 percent to $25.65 an ounce.

Platinum rose 0.1 percent to $1021.38 an ounce. Palladium settled at $ 2512.03 an ounce.

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Jordan Business

Source : ألدستور

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