Gold Prices Surge to Over Three-Week High Amidst Dollar and Yield Declines

Gold Prices Surge to Over Three-Week High Amidst Dollar and Yield Declines

VoM News Desk | December 28, 2023 | 10:54 AM IST | Breaking News | Follow on Google News

Gold Prices Surge to Over Three-Week High Amidst Dollar and Yield Declines/Mint

Gold Prices Surge to Over Three-Week High Amidst Dollar and Yield Declines

According to a report from Reuters, gold prices surged on Thursday, reaching their highest level in more than three weeks.

This climb came as the US dollar and bond yields experienced multi-month lows, amid growing speculation that the Federal Reserve might initiate interest rate cuts as early as March.

As of 0406 GMT, spot gold rose by 0.5% to $2,086.69 per ounce, marking its highest level since December 4 when prices soared to a record high of $2,135.40.

This rise indicates that gold is poised to close the year with a 14% gain, potentially marking its best performance in three years. Simultaneously, US gold futures increased by 0.2% to $2,096.50 per ounce.

Spot silver also saw an increase of 0.7% to reach $24.42 per ounce and appeared set to conclude the year with an approximately 2% annual gain.

Meanwhile, platinum experienced a 0.2% rise, reaching a more than six-month high of $999.00.

Palladium rose by 0.2% to $1,156.16; however, it is currently heading towards its most significant annual decline since 2008.

VoM News Desk

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