Gold climbs to its highest level in 3 weeks as the dollar declines
Gold prices rose to a three-week high today, after Federal Reserve Chairman Jerome Powell suggested the US central bank may slow the pace of interest rate hikes in the coming months, affecting the dollar and US Treasury yields.
And the price of gold in spot transactions rose 0.7 percent to $ 1745.20 an ounce by 0912 GMT, its highest level since the eighth of July.
US gold futures rose 1.4 percent to $1,743.70 an ounce.
The Federal Reserve raised interest rates by three-quarters of a percentage point yesterday, in an attempt to ease the sharpest inflation the country has seen since the 1980s.
Powell said another "unusually large" rate hike would be appropriate to bring up at the September policy meeting, but that the decision would be made based on economic data coming in between now and then.
The dollar index fell 0.2 percent to its lowest level in more than three weeks, making gold less expensive for holders of other currencies.
As for other precious metals, silver jumped 1.3 percent in spot transactions to $ 19.38 an ounce, and platinum rose 0.7 percent to $ 892.36, and palladium rose 2.9 percent to $ 2090.42.
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