Gold Price Today, Still Rising Due to US Dollar Weakening

Gold Price Today, Still Rising Due to US Dollar Weakening

global.gerbangindonesia.org – Gold Price Today, Still Rising Due to US Dollar Weakening

Gold prices rose in trading Wednesday supported by a weaker dollar exchange rate and a slight pullback in US bond yields. Meanwhile investors await further details of the Russian-Ukrainian talks in Turkey.

Gold Price

Quoted from CNBC, Thursday (31/3/2022), the price of US gold futures rose 1.11 percent to USD 1,939.2. Meanwhile, spot gold prices rose 0.76 percent after hitting their lowest level since February 28 amid hopes for negotiations to end the Ukraine conflict.

On Tuesday, gold prices fell as much as 1.8 percent to their lowest since February 28 amid signs of progress in negotiations between Russia and Ukraine before recovering and closing just 0.2 percent lower on the day.

“The war premium appears to be eroding the price of gold to some extent,” said Independent Analyst Ross Norman.

He added that the gold price of USD 1,890 which bounced back brought good news.

Russia on Tuesday pledged to scale back military operations around Kyiv and in northern Ukraine. However, Ukraine and its Western allies have rejected the Russian military retreat from near Kyiv as a way to repair troops after heavy losses.

City Index senior market analyst Matt Simpson said investors remained wary of Russia’s intentions.

US Dollar Rate

Gold Price Today, Still Rising Due to US Dollar Weakening

The US dollar fell 0.6 percent to a nearly two-week low against its rivals, making greenback-priced gold cheaper for holders of other currencies.

The yield on the 10-year US Treasury note also eased, reducing the opportunity cost of holding zero-yield bullion.

The U.S. Treasury yield curve inverted Tuesday for the first time since 2019, as investors priced in an aggressive rate hike plan by the Federal Reserve as it seeks to bring inflation down from a 40-year high.

Elsewhere, spot silver was up 0.45 percent at $24.86 an ounce, while platinum was up 0.78 percent.

Palladium prices rose 5.39 percent to $2,264.91 after dropping to a more than two-month low of $2,032.97 in the last session.

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