Gold prices continued to rise today, Thursday, after the US Federal Reserve signaled the end of the monetary tightening cycle and indicated a reduction in borrowing costs in 2024, which led to a decline in the dollar and Treasury bond yields.
Gold rose in instant transactions by 0.3% to $2,032.07 per ounce by 0341 GMT, after rising 2.4% yesterday, Wednesday. US gold futures jumped 2.5% to $2,046.80.
The US Federal Reserve kept interest rates unchanged for the third meeting in a row, as was widely expected.
The dollar fell to its lowest level in two weeks against its competitors, making gold less expensive for holders of other currencies. US benchmark 10-year bond yields also fell to the lowest level since August, and low interest rates usually support prices of non-yielding gold.
As for other precious metals, silver rose in spot transactions 0.4% to $23.83 per ounce, platinum increased 0.3% to $937.25, and palladium rose 0.2% to $994.82.
