Sanaa: Gold prices rose slightly on Thursday, driven by a weaker dollar amid growing expectations of a US interest rate cut next month, while traders awaited US President Donald Trump's nominations for the Federal Reserve's Board of Governors. Spot gold rose 0.1 percent to $3,372.97 per ounce, while US gold futures rose 0.3 percent to $3,442.20 per ounce.
According to Yemen News Agency, the fluctuations in the gold market are closely tied to the performance of the US dollar and the Federal Reserve's monetary policy. The anticipation of a potential interest rate cut by the Federal Reserve has led to a softer dollar, making gold more attractive as a safe-haven asset for investors.
Investors are also keenly observing President Trump's upcoming nominations for the Federal Reserve's Board of Governors, as these appointments could influence the direction of future monetary policies. The prospect of an interest rate cut typically decreases the opportunity cost of holding non-yielding bullion, thereby supporting gold prices.
The current economic landscape, marked by uncertainties and policy shifts, continues to play a crucial role in shaping market dynamics. As traders navigate these developments, gold remains a focal point for those seeking stability amid economic fluctuations.