October 5, 2022

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Gold progresses due to the decline in the dollar

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On Thursday for the third straight session, gold prices rose, helped by a weaker dollar, as investors awaited the Jackson Hole economic symposium for clues on inflation and the US Federal Reserve’s interest rate path. Joined.

Since Aug. 18, spot gold was up 0.7% at $1,762.59 per ounce, its highest. US gold futures were up 0.8% at $1,775.80.

Investors are interested to know if it will send a clear message that could act as a new catalyst for bullion. The economic symposium begins on Thursday and of particular note is a speech by Fed Chairman Jerome Powell.

Some analysts say a slight decline in the dollar and a spike in US real yields appear to be the factors driving gold’s timid rally, which is however not supported by safe-haven buying.

The dollar index fell 0.3%, making gold less expensive for foreign buyers.

A major gold price reaction is unlikely. Central bankers will set out their views on how to deal with high inflation and a cyclically cooling economy by raising rates early.

Rate hikes increase the opportunity cost of holding bullion, which does not earn interest.

In other precious metals, such as spot silver, it was up 0.7% at $19.29 an ounce; platinum was up 0.3% at $878.91; and palladium was up 1.2% at $2,058.33. Published by Iraic.info, news and information agency.

 

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