Gold prices rise but retreat from its highest level

Mark
Written By Mark

Gold prices rose during today’s trading, but it remains below its highest level after Jerome Powell, Chairman of the Federal Reserve (the US central bank), reduced expectations of reducing interest rates by a significant amount this year.

Gold rose in spot transactions 0.3 percent to $2,641.33 per ounce, retreating from its highest level of $2,685.42, which it recorded on Thursday, and US gold futures rose 0.2 percent to $2,663.10.

Federal Reserve Chairman Jerome Powell indicated yesterday, Monday, that the US central bank will likely seek to reduce interest rates by a quarter of a percentage point in the future, and that it is not in a rush after new data strengthened confidence in continued economic growth and consumer spending.

As for other precious metals, silver rose in spot transactions 0.7 percent to $31.36 per ounce, platinum increased 0.9 percent to 984.95 percent, and palladium stabilized at $1,000.