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[size=36]Gold touches its highest level in two weeks[/size]
Economie| 10:41 - 18/03/2021
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Follow-up - Mawazine News
Gold prices rose, today, Thursday, to their highest level in more than two weeks, after the US Federal Reserve (the Central Bank) pledged to keep interest rates near zero until 2023.
Gold rose in spot transactions 0.4 percent to $ 1750.82 an ounce, By 05:42 GMT, after touching its highest level since March 1 at $ 1755.25.
US gold futures jumped 1.3 percent to $ 1749.80 an ounce.
The US Federal Reserve said on Wednesday that the US economy is on the path to achieving the fastest growth in nearly 40 years, while reiterating its position to follow a super-easing monetary policy, in light of an expected, albeit temporary, rise in inflation.
Rising interest rates and US Treasury yields increase the opportunity cost of holding the yellow metal, which yields no return.
The dollar index fell to its lowest level in two weeks, while record US Treasury yields settled near the peak of more than a year.
As for other precious metals, palladium gained 1.2 percent to $ 2599.75 an ounce, continuing to rise to the highest level since March 2, 2020, after the Russian company, "Nornickel", the largest producer of the metal, lowered its production forecast.
While silver increased 0.6 percent to $ 26.49 an ounce, and platinum rose 0.1 percent to $ 1214.55 an ounce.
Gold prices rose, today, Thursday, to their highest level in more than two weeks, after the US Federal Reserve (the Central Bank) pledged to keep interest rates near zero until 2023.
Gold rose in spot transactions 0.4 percent to $ 1750.82 an ounce, By 05:42 GMT, after touching its highest level since March 1 at $ 1755.25.
US gold futures jumped 1.3 percent to $ 1749.80 an ounce.
The US Federal Reserve said on Wednesday that the US economy is on the path to achieving the fastest growth in nearly 40 years, while reiterating its position to follow a super-easing monetary policy, in light of an expected, albeit temporary, rise in inflation.
Rising interest rates and US Treasury yields increase the opportunity cost of holding the yellow metal, which yields no return.
The dollar index fell to its lowest level in two weeks, while record US Treasury yields settled near the peak of more than a year.
As for other precious metals, palladium gained 1.2 percent to $ 2599.75 an ounce, continuing to rise to the highest level since March 2, 2020, after the Russian company, "Nornickel", the largest producer of the metal, lowered its production forecast.
While silver increased 0.6 percent to $ 26.49 an ounce, and platinum rose 0.1 percent to $ 1214.55 an ounce.
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