Gold Prices Rise as Interest Rate Fears Ease

Sana'a: Gold prices rose by more than 2 percent on Wednesday, supported by a weaker dollar, while a drop in oil prices eased concerns about rising inflation and global interest rates. Spot gold climbed 2.1 percent to $4,568.29 an ounce, and U.S. gold futures for April delivery rose 3.8 percent to $4,569.40. The dollar weakened, making gold, which is priced in the US currency, less expensive for holders of other currencies. According to Yemen News Agency, Oil prices fell below $100 a barrel, easing inflation concerns after reports that the United States had sent Iran a 15-point plan to end the war in the Middle East. This development contributed to the easing of fears regarding rising inflation and global interest rates, thereby providing support to the gold market. As for other precious metals, silver rose 3.8 percent to $73.94 in spot trading, platinum gained 2.6 percent to $1,984.05, and palladium climbed 1.5 percent to $1,461.75. These increases in precious metal prices further reflect the market's resp onse to the easing of inflation concerns and the weakening of the dollar.