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Gold rises as dollar weakens and attention turns to U.S. Fed minutes

Gold prices saw a modest rise, gaining 0.1% to $2,331.41 per ounce, while U.S. gold futures rose 0.3% to $2,340.50. This increase comes as the U.S. dollar weakened, making gold more affordable for holders of other currencies. Federal Reserve Chair Jerome Powell mentioned that the U.S. economy is on a “disinflationary path,” but he emphasised the need for more data to confirm this trend before any decision on cutting interest rates is made. Find out more on what Jerome Powell says and how the dollar affects gold.

how dollar affects gold

Disclaimer:

If the Fed minutes suggest a dovish stance, we might see further gains in gold as investors seek safe-haven assets. The strike at Impala Platinum’s operations could create supply disruptions, potentially leading to price volatility in the short term. Risk management is advised for traders.

Publication date:

2024-07-20 16:54:38 (GMT)

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