By: Fatma Younis
Rising gold and precious metal prices globally
Gold prices recorded a noticeable rise during trading, benefiting directly from the decline recorded in oil prices in global markets, at a time when investors and analysts are cautiously awaiting the path of the US Federal Reserve's monetary policy and its potential impacts on the global economy.
This market movement comes as investors continue to assess existing possibilities regarding the Federal Reserve, the US central bank, raising interest rates later this year, which represents a continuous guiding factor for various assets, including gold and precious metals.
In terms of spot trading, the yellow metal rose by 0.3 percent to reach $4175.60 per ounce. In the same context, US gold futures for December delivery recorded an increase of 0.4 percent to reach $4196.40 per ounce, amid traders' interaction with current economic developments.
The gains were not limited to gold alone, but extended to include a package of other precious metals; silver in spot transactions rose by 0.9 percent, recording $57.54 per ounce. Platinum also achieved a rise of about 0.7 percent to reach $1642.29, while palladium recorded the most prominent rise among them by 1.5 percent to reach $1129.13 per ounce.
These reciprocal changes in financial markets reflect the state of continuous interaction between energy and precious metals markets, as traders closely monitor oil movements and interest rates to determine investment trends during the coming period.
