Commodity prices rises as doubts about monetary policies fades
Date
9/13/2022 4:33:10 AM
(MENAFN) The request for the dollar declined as international financial procedures became less surprising, whereas commodity costs jumped and gold's three-week descending trend came to an end.
On Thursday, the European Central bank (ECB) rose its three key rates by 75 basis points per capita in a significant move as eurozone inflation deals with a record-peak as well as conflict-motivated energy crisis, producing additional threats for the whole region.
Moreover, US Federal Reserve Chair Jerome Powell made it strong on Thursday that rate hikes are going to carry on until inflation decreases.
Powell stated at Washington, D.C.-based think tank Cato Institute that "The Fed has the responsibility for price stability, by which we mean 2 percent inflation over time."
Experts highlighted the idea that request for the dollar reduced as doubts concerning the worldwide monetary procedures softened.
Last week, gold earned 0.3 percent, ending a three-week falling trend. Silver saw a rise of 4.4 percent, palladium 7.5 percent in addition to platinum increasing 5.4 percent.
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