Media ININ Economy We Trust
Gold prices rose on Tuesday, supported by the weakness of the dollar, while investors await more clarity on the position of the Federal Reserve (the US central bank) regarding raising interest rates.
And gold in instant transactions rose 0.7 percent to 1753.34 dollars an ounce (an ounce) at 06:51 GMT. US gold futures rose 0.7 percent to $1,752.60.
Bullion prices fell about 1 percent in the previous session after hawkish comments from US Federal Reserve officials.
The dollar index fell 0.4 percent, making gold cheaper for buyers abroad. Gold is also sensitive to rising interest rates because it increases the opportunity cost of holding non-yielding assets.
Investors’ focus will now be squarely on Federal Reserve Chairman Jerome Powell, who is scheduled to speak at a conference at the Brookings Institution on Wednesday.
Meanwhile, Chinese police have been deployed in large numbers in Beijing and Shanghai to prevent further protests against the COVID-19 restrictions.
In terms of other metals, silver rose in spot transactions 1.4 percent to 21.20 dollars, platinum increased 1.1 percent to 999.54 dollars, and palladium rose 1.5 percent to 1872.88 dollars.
