Gold prices have stabilized near eight-month highs in the previous session, as the dollar fell after the Federal Reserve halted its tightening monetary policy as the metal headed for its fourth consecutive monthly gain.

Spot gold settled at $ 1319.54 an ounce. The price of the metal climbed to its highest level since May 11 at $ 1323.34 Wednesday.

Gold futures in US futures rose 0.8 percent to $ 1318.60 an ounce and the spot price of gold rose 2.8 percent since the start of the month.

The Federal Reserve kept US interest rates unchanged on Wednesday, but said it would be impatient to raise borrowing costs again this year as it pointed to a further blurring of the economic outlook.

The dollar index, which tracks the performance of the greenback against a basket of other major currencies, fell after the Federal Reserve issued its cautious statement.

Gold is usually raised by expectations of lower interest rates, which reduce the opportunity cost for holders of a metal that is not yielding.

Palladium settled in spot trade at $ 1360.50 an ounce, after touching a record high of $ 1434.50 on Jan. 17.

Silver fell 0.5 percent to $ 16.01 an ounce, after touching $ 16.10 in the previous session, its highest level since July 2018.

Source: Yemen News Agency

Related Post

About Us

The website publishes the news, which is gathered from all the sectors of the country with keeping an eye on different sorts of news from all over the world. All kinds of news on our news website do not consist of any sort of content that can be called the prejudice one, that strategy keeps us away from adding up any useless extra content in the news.