Gold prices rise as the dollar's rise stops

Gold prices rose today, Tuesday, with the stability of the US dollar, prompting some investors to buy the precious metal ahead of the release of US inflation data that may affect the Federal Reserve's decision on interest rates.

And gold rose in spot transactions 0.3 percent to $ 1859.05 an ounce (an ounce) by 0958 GMT, and US gold futures rose 0.1 percent to $ 1861.10.

The dollar price stabilized after touching its highest level in 20 years on Monday, while US 10-year bond yields fell below their highest level in three and a half years.

Gold is considered a hedge against inflation and a safe haven for value during periods of political and economic uncertainty in the world, but its price is very sensitive to rising US bond yields, which increases the opportunity cost of acquiring the non-yielding metal.

The rise in bond yields also pushes the dollar to rise, which limits the appetite for buying gold among investors abroad.

The markets are closely awaiting the US consumer price index data, which is expected to be released later, in anticipation of any impact that it may have on the US Federal Reserve's decision on interest rates.

As for other precious metals, silver rose in spot transactions 0.1 percent to $21.82 an ounce, platinum rose 1.8 percent to $972.88, while palladium rose 1.3 percent to $2124.63.

Follow our latest local and sports news and the latest political and economic developments via Google news

Keywords: