Gold is near its highest level in five weeks, affected by the decline of the dollar index according to the inverse relationship between them, amid the negative pressure on the levels of the dollar in addition to the recovery of Asian stocks.
Gold prices fell by 0.48% to reach $1350 per ounce, after hitting a low of $1348 / troy ounces, which opened today’s session at $1353.30 per ounce, reaching a high of $1365 per ounce.
The dollar index rose from a four-week low against a basket of major currencies, trading at 88.99, up 0.39%. The yield on US 10-year bonds also rose after hitting a four-week high.
On the silver front, silver gained slightly by 0.03% to reach $16.70. Silver opened today at $16.68, recording a high of 16.81 and a low of $16.81. $16.67 per ounce.
Gold gained momentum after the Federal Reserve’s latest interest rate hike, but it has seen the bank set its benchmark for three times this year.
Jerome Powell also ended the controversy that has surfaced in the market since last month. Powell, in his semi-annual testimony before Congress, said that raising federal funds four times this year is a gradual tightening.
