Gold is near its lowest level in 3 and a half months, with the rise of the dollar and oil

Gold prices stabilized today, Wednesday, near their lowest levels since late last January, under pressure from the recovery of the dollar and the hawkish stance of the US Federal Reserve Chairman towards inflation, while oil prices rose by more than a dollar a barrel in early Asian transactions, supported by hopes for a recovery in demand in China.

By 08:31 UTC, spot gold recorded $1815.39 an ounce, and US gold futures fell 0.2% to $1814.70.

The dollar achieved gains after a 3-session decline, which reduced the attractiveness of gold to investors holding other currencies.

Federal Reserve Chairman Jerome Powell pledged that the US central bank would raise interest rates as much as needed to stem the rise in inflation, which he said threatens the foundation of the economy.

The yield on US 10-year Treasury bonds fell after a sharp increase in the previous session, which led to an increase in demand for non-yielding gold, limiting its losses.

As for other precious metals, silver settled in spot transactions at $21.61 an ounce.

Platinum rose 1% to $960.09 an ounce, and palladium rose 2.8 percent to $2,110.58 an ounce.

high oil

Oil prices rose more than a dollar a barrel in early Asian trade on Wednesday, boosted by hopes for a recovery in demand in China as the country gradually eases some of its toughest anti-Covid-19 restrictions.

Brent crude futures rose $1.15, or 1%, to $113.08 a barrel by 00:42 UTC, and West Texas Intermediate crude futures rose $1.62, or 1.4 percent, to $114.02 a barrel, compensating some of its losses after prices fell by about 2% in the session. previous.

And the Chinese city of Shanghai achieved a long-awaited goal of not recording any new infections with the Corona virus outside quarantine areas for the third consecutive day yesterday, Tuesday, and it made plans on Monday to end a permanent closure of more than six weeks.

And market sources said, quoting data from the American Petroleum Institute on Tuesday, that US crude and gasoline stocks fell last week, and the US government will announce stock data today, Wednesday.