The world price of gold on January 1st; Growth of 1.11 percent
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The price of gold per ounce increased by 1.11% to $2,622 and 91 cents today. The price of gold futures in New York’s COMEX market has reached $2,645 and 10 cents with an increase of 1.42%.
The dollar index, which had reached the highest value in the last two years, decreased by 0.6% and made buying gold cheaper for holders of other world currencies. The yield on US Treasury bonds also fell after reaching the highest level in the last 6 months.
The economic report of the United States shows that the growth of inflation in this country slowed down in November and the personal expenditure index increased by 0.1 percent. This weaker than expected information has brought people back to the gold market.
The price of gold is down 0.9 percent this week after the announcement of the Federal Reserve’s stance on interest rates and the possibility of only two interest rate cuts next year.
A high interest rate increases the cost of keeping gold as a non-profitable investment and reduces the desire to buy it.
Among other precious metals, silver rose 1.86 percent to $29.96, and platinum traded up 0.35 percent to $927.80.
