World Gold Prices Rise Back Almost Touch USD 2,000 per Ounces

World Gold Prices Rise Back Almost Touch USD 2,000 per Ounces

global.gerbangindonesia.org – World Gold Prices Rise Back Almost Touch USD 2,000 per Ounces

World gold prices have stabilized near USD 2,000 per ounce after big rounds over the last few sessions. World gold prices remain an option due to the lack of progress in talks between Russia and Ukraine.

Launching the CNBC page, Friday (11/3/2022), world gold prices on the spot market rose 0.2 percent to USD 1,996.30 per ounce. The price of the precious metal had fallen as much as 3 percent the previous day. The price of US gold futures closed up 0.6 percent to USD 2,000.40.

Massive purchases of gold assets earlier this week have pushed gold prices to near record levels reached in August 2020.

Investors are also monitoring the condition of United States inflation data in February, which is in line with expectations. But inflation showed there was the biggest year-on-year increase since January 1982.

“Inflation figures are certainly the underlying bullish element for gold. However, geopolitics trumps the current economic data,” said Jim Wycoff, Senior Analyst at Kitco Metals.

(Gold) has pushed prices to record highs earlier this week. “Right now, even the bullish inflation data doesn’t do much good because (prices) have just run out.”

Palladium Cs Price

World Gold Prices Rise Back Almost Touch USD 2,000 per Ounces

Amid soaring oil and commodity prices, investors are now awaiting the Federal Reserve’s next policy statement on March 16.

Talks between Russia and Ukraine’s foreign minister made no real progress towards a ceasefire.

Another metal, palladium, used by automakers in catalytic converters to curb emissions, rose 0.4 percent to $2,948.73 an ounce.

The price of the metal hit a record high of USD 3,440.76 amid fears of supply disruptions from major Russian producers.

“Overall, gold and palladium are still “relatively strong”, with technicals pointing to the upside,” said Eli Tesfaye, senior market strategist at RJO Futures.

The price of silver rose 0.7 percent to USD 25.90 per ounce, while platinum was up 0.1 percent at USD 1,077.37.

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