Gold prices rose today, Thursday, to their highest level in more than three weeks, with dollar and bond yields reaching their lowest levels in several months, amid growing expectations that the Federal Reserve (the US central bank) will begin reducing interest rates next March.
Gold in spot transactions increased 0.5 percent to $2,086.69 per ounce by 0406 GMT, which is its highest level since December 4, when prices jumped to a record level of $2,135.40. Prices are on track to record their highest gains in three years, with an increase of 14 percent.
US gold futures rose 0.2 percent to $2,096.50 an ounce.
The dollar index fell to its lowest level in five months, which also increased the attractiveness of gold. The index is heading towards its worst annual performance since 2020.
As for other precious metals, silver rose in spot transactions by 0.7 percent to $24.42 per ounce and is heading to end the year with annual gains of approximately two percent. Platinum rose 0.2 percent to its highest level in more than six months at $999.00. Palladium also increased 0.2 percent to $1,156.16, but is on track to record the largest annual decline since 2008.
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