Noha Makram – Live – Gold prices stabilized on Tuesday near their highest levels in three months with weak US manufacturing sector data and construction spending as investors awaited testimony by Federal Reserve Chairman Jerome Powell to Congress on key jobs data.
The spot price of gold settled at $2,114.99 per ounce, approaching its highest levels since December 4, recorded on Monday at 2,119.69. While US gold futures fell by 0.1% to 2,123.90.
Johnny Tevez, a strategist at UBS, said that the gold jump is due to the US data, which was weaker than expected and the decline in real interest rates, but there is a general tendency to buy when prices decline, as well as a positive appetite for gold, which pushed the market in… Uptrend.
Fed member Rafael Bostic said the central bank was not under pressure to cut interest rates urgently, citing a thriving economy and a strong labor market.
Markets’ focus will shift to Fed Chairman Jerome Powell’s testimony before Congress on Wednesday and Thursday, as investors seek more signs about the strength of the US economy and the potential timing of the Fed starting to cut interest rates.
It is worth noting that low interest rates enhance the attractiveness of the precious yellow metal, which does not earn interest.
The holdings of the SPDR fund, the largest exchange-traded market backed by bullion, fell by 10% compared to the previous year until March 4.
As for other precious metals, the spot price of platinum fell by 0.6% to $891.95 per ounce, palladium by 1.3% to $947.80, and silver by 0.3% to $23.83.
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2024-03-05 09:47:52
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