Precious metals: The price of gold increases on Wednesday : Orishas-finance

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Precious metals: The price of gold increases on Wednesday

12/04/2023

Source : ORISHAS FINANCE

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Precious metals: The price of gold increases on Wednesday

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As investors eagerly await key U.S. inflation data to see if interest rates are close to their peak, the price of gold rose on Wednesday.

U.S. gold futures rose 0.7% to $2,032.40, and spot gold was up 0.7% to $2,016.92 per ounce at 0400 GMT. Gold is seen as a hedge against inflation, but rising interest rates are reducing the attractiveness of unyielding bullion. It could continue to drift higher “as early birds place their bets on a soft inflation report,” said Matt Simpson, senior market analyst at City Index.

Cash rose 1.1% to $25.34 per ounce, platinum rose 0.8% to $1,002.26, and palladium gained 1.1% to $1,461.77.

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