He spot gold advanced 0.4%, to US$1,824.49 an ouncehelped by the drop in the greenback on the day.
In early February, gold prices they hit their highest since April 2022but quickly reversed course. So, the ingot fell more than 5% so far this month, after strong economic data fueled expectations for more rate hikes.
He Fed Governor Philip Jeffersonsaid last Monday that has “no illusions” that inflation would quickly return to the target of the US central bank.
In that framework, the american currency still on track to register its first monthly rise in five monthsmaking gold more expensive for foreign buyers.
In the coming weeks, the dollar and the US bond yield could relax and cheer gold, after which prices are likely to drop (as the Fed continues to raise rates) and fall towards $1,700 per ounceaccording to Daniel Pavilonis of RJO Futures.
Is monthly drop of the price of gold, in addition to being the highest since June 2021, is the first in the last four months.
In other precious metalsthe silver cash gained 0.8%, at $20.79 an ounce; he platinum went up a 0.7%, at $944.91; and the palladium lost a 1.2%, at $1,414.11. In all cases there were monthly decreases.
Source: Ambito
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