Written by: Basant El-Farmawy
Gold prices rose during global trading, benefiting from the recorded decline in oil prices in the markets, while investors and analysts closely monitor the directions of US monetary policy and the potential decisions of the Federal Reserve (the US Central Bank) regarding interest rates later this year, which casts a shadow over the movement of global financial and monetary markets.
In spot transactions, the yellow metal recorded a notable increase of about 0.3 percent, reaching the level of $4175.60 per ounce. US gold futures for December delivery also saw positive performance, achieving an increase of 0.4 percent to settle at $4196.40, amidst notable interaction from traders with various economic indicators and the trading movement of commodities and energy.
Performance of precious metals in global markets
The rise was not limited to gold alone, but extended to include a number of other precious metals that saw positive divergence in price levels during the sessions. Silver in spot transactions rose by 0.9 percent to reach $57.54 per ounce. In turn, platinum achieved additional gains of 0.7 percent, reaching the level of $1642.29 per ounce.
As for palladium, it recorded the most prominent increase among the group of precious metals with a rise of 1.5 percent, climbing to the level of $1129.13 per ounce. These price movements come at a time when energy and oil market data are intertwined with interest rate expectations, as investors seek to re-evaluate their financial positions in light of the continuous changes in global markets and their direct effects on various assets.
