decrease in the global price of gold; Each ounce of gold reached 2311 dollars and 50 cents
reported Mehr News Agency, each ounce of gold decreased by 0.5% to 2311 dollars and 50 cents. The price of American gold decreased by 1.2% to 2327 dollars and 20 cents.
The U.S. dollar strengthened 0.1 percent, making dollar-denominated bullion less attractive to other currency holders, while U.S. 10-year Treasury yields also rose.
The U.S. Federal Reserve kept interest rates steady on Wednesday, while policymakers said they expected to cut interest rates just once in 2024. A lower interest rate reduces the opportunity cost of holding bullion without yield.
Traders and industry experts said gold’s record rally showed signs of continuing into the second half of 2024, although US$3,000 an ounce looked out of reach.
China’s consumer inflation held steady in May while the downward trend in producer prices eased, but underlying trends suggest Beijing needs to do more to support weak demand, according to Reuters. domestic and uneven economic recovery, and China is the largest buyer of the official sector of gold.
In the market of other precious metals, silver was down 2.6% to $28.94 an ounce, platinum was down 1.6% to $950.50 and palladium It decreased by one percent and reached $897.25.
