Chicago (Rifyu.com) – Gold prices rose to settle slightly below the psychological $2,000 level in late trading Monday (Tuesday morning WIB), rebounding from the previous session’s losses, as the dollar weakened ahead of the closely watched Federal Reserve decision on US interest rates. .
The most-active gold contract for delivery in June on the Comex division of the New York Exchange, lifted 9.30 dollars, or 0.47 percent, to close at 1,999.80 dollars an ounce, after touching a session high of 2,001.20 dollars and falling around 2.50 percent from the April 13 peak of around $2,050.00.
Gold futures fell USD 28.60 or 1.42 percent to USD 1990.50 on Friday (21/4/2023), after rising USD 11.80 or 0.59 percent to USD 2019.10 on Thursday ( 20/4/2023), and slumped $12.40, or 0.61 percent, to $2,007.30 on Wednesday (19/4/2023).
The dollar and US government bond yields both turned lower on Monday (24/4/2023) after rebounds last week from one-year lows.
The US central bank is widely expected to add another quarter point in what will be its tenth rate hike in less than 15 months at its meeting in May, taking rates to a pandemic-era peak of 5.25 percent.
“Gold is trying to get back to where it was, above the $2,000 an ounce level,” said Ed Moya, an analyst at online trading platform OANDA.
“The weaker dollar is helping to send gold higher as investors are starting to have more confidence that the Fed will deliver more rate cuts next year.”
The $2,000 level remains an important psychological price point for gold. Market analysts are of the opinion that gold is in a correction. Because market confidence is still fragile, gold as safe haven will remain attractive to investors for the time being.
Investors are also waiting for the US gross domestic product report to be released on Thursday (27/4/2023).
Another precious metal, silver for delivery in May was up 25.30 cents, or 1.01 percent, to close at 25.311 dollars per ounce. Platinum for delivery in July slumped 41 dollars, or 3.60 percent, to settle at 1,097.70 dollars per ouce.
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Translator: Apep Suhendar
Editor: Biqwanto Situmorang
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source: www.antaranews.com
