Gold stalls for rate hike cues from Fed
Spot gold was little changed at $1,981.79 per ounce
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Spot gold was little changed at $1,981.79 per ounce
On Thursday, precious metals continued their upward momentum with gains ranging from 1.5% for gold to 3.7% for platinum. Gold reached a settlement high not seen in 2.7 years, and silver recorded its highest close in almost a year. Gold for June delivery rose $30.40 to settle at $2,055.30 an ounce on the Comex division
In the first week of 2023, gold has increased by 2.36% against the U.S. dollar. Over the past 65 days, gold has risen by 14.55% and silver has risen by 22.31% against the U.S. dollar since November 3, 2022.
The buying surge appears to be a response to two developments––the freezing of the Russian central bank’s dollar holdings after the invasion in Ukraine, and the development of uncertainty over the stability of US financial markets and its political system.
US stocks suffer worst year since financial crisis. Stock and bond markets shed more than $30tn in brutal 2022.