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Al Itihad – Gold – Ascended-To-Top-In-8-Month-Effect-Stop-Raise-Interest-USA





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Gold prices fell on Thursday, near eight-month highs in the previous session, after the dollar fell after the Federal Reserve canceled the monetary tightening cycle, with metal moving fourth consecutively per month.
Place gold settled at $ 1319.54 an ounce from 0653 GMT. The price of metal climbed to the highest level since May 11 to $ 1,323.34 on Wednesday.
Gold futures in US futures rose 0.8 percent to 1,318.60 dollars per ounce
Gold rose 2.8 percent from the beginning of the month.
The Federal Reserve retained yesterday interest rates in the United States, but said it would be eager to re-raise borrowing costs this year, as it indicated a further blurring of economic prospects.
The dollar, which measures the dollar's performance against the basket of other major currencies, fell after the Federal Reserve issued a cautious statement.
Gold usually increases with the expectations of lower interest rates, which reduces the cost of the opportunity for non-deliverers of metal.
The palladium settled in an on-site trade of $ 1360.50 an ounce, after donating a record high of $ 1,434.50 on January 17.
Silver fell 0.5 percent to $ 16.01 an ounce, after donating $ 16.10 to the previous session, the highest level since July 2018.
Platinum dropped 0.4 percent to $ 811.50 per ounce.

Source: Reuters


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