Gold prices rise as USD weakens

14:30 | 22.02.2024
Gold prices rise as USD weakens

Gold prices rise as USD weakens

Gold prices rose on Thursday amid a weakening US dollar and escalating tensions in the Middle East.

The price of gold on the spot market increased by 0.1% to $2,026.7 per ounce. On Wednesday it reached its highest level since February 9. On the COMEX, gold futures also rose 0.1% to $2,036.9 per ounce.

The dollar index fell for the fourth day in a row, making US currency-denominated gold cheaper for holders of other currencies.

Gold prices affected the prices of other metals. Spot platinum rose 0.3% to $885.30 an ounce, palladium rose 0.6% to $955.63 and silver rose 0.1% to $22.89 an ounce.

In addition to the situation in the Middle East, investors are also interested in economic data for the United States, which may shed light on the future policy of the Federal Reserve.

Minutes from the Federal Reserve's January meeting released Wednesday showed that most central bank policymakers believe there is a risk that interest rates will be cut prematurely.
Follow us !