Gold rises as US bond yields drop, despite the rise in the dollar

Gold prices rose today, Wednesday, with US Treasury yields stabilizing near the lowest level in a week, while the metal ignored the dollar’s ​​rise in the wake of Federal Reserve Chairman Jerome Powell’s assertion that the rate of inflation will not get out of control.

Gold rose in the spot market 0.2 percent to $ 1730.25 an ounce by 0640 GMT.

And US gold futures rose 0.2 percent to $ 1728.60 an ounce.

A commodity analyst at Mumbai-based brokerage firm Anand Rathi Shares said that the decline in yields "contributes to keeping gold higher and there is a raging struggle among bettors on rising and falling prices from these levels."

"The rise of the dollar overshadowed the decline in the yields of the ten-year bonds," he added.

Bond yields fell to the lowest level since March 16, while the dollar crossed its highest level in two weeks after Powell told the US Congress yesterday that he expects the rate of inflation to rise during the year, but the increase "will not be very large or permanent."

In terms of other precious metals, palladium settled at $ 2,602.70 an ounce, while silver increased 0.2 percent to $ 25.12, while platinum fell 0.2 percent to $ 1166.31.

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