Gold prices rise by 1% to near 7-week high, supported by weaker dollar and rate cut expectations
Gold prices rose today by approximately 1% to approach their highest level in seven weeks, supported by the dollar’s decline, expectations of interest rate cuts, and increased demand for safe havens amidst geopolitical tensions.
Spot gold climbed to $4,338.29 per ounce, while U.S. futures rose to $4,372.80. This came as the dollar stabilized near a two-month low, alongside a slight dip in 10-year U.S. Treasury yields.
In other precious metals, silver rose 3.1% to $63.9 per ounce, having hit a record high of $64.65 on Friday, bringing its year-to-date gains to around 121%. Platinum also increased by 1.9% to $1,778.76, while palladium surged 4.1% to $1,547.75 per ounce.
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