Gold leads precious metals to rise after US interest rate hike
Gold prices rose today, Thursday, after the Federal Reserve (the US central bank) raised the interest rate by 50 basis points to curb inflation, which the central bank sees as a factor threatening the economy, while ruling out a larger rate hike this year.
By 0102 GMT, spot gold rose 0.9% to $1,898.06 an ounce, after rising 1% earlier in the session, and US gold futures rose 1.4% to $1,894.20 an ounce.
This came after the “US Central Bank” raised the interest rate yesterday, Wednesday, by half a percentage point, in the largest jump in 22 years, and “Central” Chairman Jerome Powell appealed to Americans suffering from high inflation to be patient, while officials are taking harsh measures to control it.
Gold jumped 1% in the previous session after Powell's statement. The yield on US Treasuries fell sharply on Wednesday, which supported gold.
The dollar settled near a one-week low reached in the previous session, increasing the attractiveness of gold to overseas buyers.
Other precious metals
Silver rose 1.1% to $23.19 an ounce.
Platinum rose 0.6% to $997.19 an ounce.
Palladium rose 0.8% to $2274.43 an ounce.
Keywords
gold prices
The most expensive minerals in the world
cars prices
oil prices
American Stock Exchange