He gold price rises again this Friday March 10 playing his highest value in a monthwhile the prospects for further interest rate hikes diminish its attractiveness and traders watch the employment report from United States.
gold goes up a 1.8%until $1,868.60reaching its maximum price since February 9, 2023.
He Federal Reserve Chairman Jerome Powellsuggested this week that they will be necessary higher and possibly faster rate hikes to curb inflation.
This week the Gold prices fell on expectations of an aggressive rate hike following Powell’s remarks, said Jigar Trivedi, a Mumbai-based analyst at Reliance Securities.
“Nevertheless, yellow metal has strong technical support around US$1,810-1,790 an ounce and we could see a rebound up to $1,875 next week,” he said.
He dollar index falls 0.1%, but was heading for a weekly advance. A stronger US currency tends to make gold a less attractive bet.
In other precious metals, the silver cash earns a 0.2%, at $20.12 an ounce, on track for a weekly decline of more than 5%; he platinum 0.7% remained, at $937.91, heading for its biggest weekly drop since November 2022; and the palladium it lost 1%, at $1,375.13.
Source: Ambito
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