Gold is on track to record its first monthly decline since January
Gold rose today, as worrying US economic data sparked some interest in the safe-haven metal, but bullion is likely to post its first monthly decline since January on bets on raising US interest rates.
By 0546 GMT, gold in spot transactions rose 0.6 percent to $1,905.67 an ounce.
But it lost about 1.6 percent this month.
US gold futures rose 0.9 percent to $1,908.10 an ounce.
Currency analyst at Daily FX, Ilya Spivak, said that the disappointing US GDP data may relieve some pressure from the Federal Reserve (the US central bank) regarding the monetary tightening it hinted at before, which has put pressure on gold in the weeks. past.
Raising US interest rates pushes the dollar and the yield on Treasury bonds higher and puts pressure on dollar-denominated gold.
As for other precious metals, silver rose in spot transactions 0.9 percent to $23.34 an ounce.
Platinum rose 0.6 percent to $924.49 an ounce.
Palladium rose 0.7 percent to $2,247.63 an ounce.
And the three metals are on their way to incur monthly losses.
Follow our latest local and sports news and the latest political and economic developments via Google news