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Gold is on the rise again

Category: Economy

Date: 2021-05-27T07:50:41+0000
Gold is on the rise again

Shafaq News/ Gold prices steadied near the $1,900-per-ounce level on Thursday as investors awaited key economic readings out of the United States, while a firmer dollar weighed on bullion prices.

Spot gold was up 0.1% at $1,901.50 per ounce by 0657 GMT, after hitting its highest since Jan. 8 at $1,912.50 on Wednesday.

The dollar index rose to a one-week high against rivals, making gold more expensive for holders of other currency.

Market participants now await the monthly U.S. personal consumption report on Friday to gauge inflationary pressure. U.S. gross domestic product and jobless claims numbers are due later in the day.

Federal Reserve officials have recently downplayed rising price pressures and affirmed their support to keep monetary policy accommodative for some time.

Elsewhere, palladium rose 0.5% to $2,757.06 per ounce, silver was steady at $27.68, and platinum gained 0.3% to $1,194.55.

Source: Reuters

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