Gold prices rose strongly during trading today, Wednesday, coinciding with the fall of the currency master to levels near 110 points, amid growing expectations that the tightening pace from the US Federal Reserve will subside.
This comes in conjunction with warnings from international banks and banking experts about the need for the Federal Reserve to stop the unprecedented wave of tightening that is plunging the American and global economy into a definite recession.
gold now
The price of XAU/USD - the spot gold futures contract in the US dollars during these moments of trading today, Wednesday, jumped by more than 17 dollars, reaching levels of 1,671.61 dollars an ounce, an increase of more than 1%.
The current levels are the highest for gold since trading on October 14, while the volatility difference between the top and bottom of prices today is more than 22 dollars.
In the futures market, the safe haven rose by more than 1.2% during these moments of trading today, Wednesday, reaching levels near 1680 dollars an ounce, with gains that exceeded 20 dollars an ounce.
The dollar is falling
On the other hand, from the gains of gold came the violent decline of the main dollar index against a basket of currencies, as the main index fell near its lowest level in 3 weeks, specifically since the trading of October 5.
The main dollar index fell during these moments of trading today, Wednesday, by 0.8%, down to levels near 110 points, while it reached the highest level at 111.14 points.
At the same time, the decline in the yield on US Treasury bonds widened down from the 2008 peak at 4.3%, while the yield during these moments on 10-year bonds recorded levels near 4%.
