And the price of gold in spot transactions rose by 1.1 percent to 1639.94 dollars an ounce by 0726 GMT. Yesterday, prices recorded their lowest level since April of 2020 at $ 1620.20 an ounce.
US gold futures rose 0.9 percent to $1,647.70.
The dollar index fell 0.4 percent, after hitting a two-decade high in the previous session. The 10-year Treasury yield has also fallen from its 12-year peak on Monday.
“It’s a temporary jump in gold prices,” said Vandana Bharti, associate vice president of commodity research at SMC Global Securities.
She explained that gold is gradually losing some of its luster as an asset that is used as a safe haven, adding, “There are more bearish effects for gold at this time, as the Federal Reserve is scheduled to announce more interest rate hikes.”
Yesterday, US central bank officials downplayed the increased volatility in global markets and said that their priority remains controlling inflation.
Gold prices have fallen by 20 percent since rising above the $2,000 mark in March.
As for other precious metals, the price of silver in spot transactions jumped by two percent to $ 18.70 an ounce, platinum rose by 0.9 percent to $ 860.00, and palladium rose by 0.7 percent to $ 2060.01.
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