Gold prices rise amid weak dollar, Middle East tensions
Date
2/22/2024 2:03:31 AM
(MENAFN) On Thursday, Gold prices saw a surge supported by several factors, including a weakening dollar and escalating tensions in the Middle East. Investors, keenly observing these developments, eagerly await further US economic data, which could shed light on the Federal Reserve's upcoming decisions regarding interest rates.
As of 03:28 GMT, spot gold prices edged up by 0.1 percent to reach USD2,026.7 per ounce, marking a notable increase from the previous day's levels and achieving its highest point since February 9. Concurrently, US gold futures also experienced a modest uptick, rising by 0.1 percent to USD2,036.9 per ounce.
The continued decline of the dollar index over the past four consecutive days has contributed significantly to the attractiveness of gold, particularly for foreign buyers, given that the precious metal is priced in US currency.
In the midst of these market dynamics, the situation in the Middle East has added to the bullish sentiment surrounding gold. Israel's intensified bombing of Rafah in the southern Gaza Strip has resulted in tragic casualties, with more than ten members of a single family reported killed in an airstrike. The toll of the conflict, as reported by the Ministry of Health in Gaza, underscores the severity of the ongoing crisis, with a staggering 29,313 lives lost so far.
Turning to other precious metals, platinum saw a modest increase of 0.3 percent in spot transactions, reaching USD885.30 per ounce. Palladium also experienced a rise, climbing by 0.6 percent to USD955.63, while silver saw a more marginal uptick of 0.1 percent, reaching USD22.89 per ounce.
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