The gold rises to its highest level after excluding interest rate hikes

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10:43 p

Thursday 21 March 2019

CAIRO –

The gold rose to a three-week high on Thursday, with the Federal Reserve ruling out any rate hikes this year, while a surprise cut in US growth expectations fueled fears of a slowdown global economic, Reuters reported.

Palladium has reached a record level, supported by a long-term supply shortage.

At 06.25 GMT, the gold spot price was 0.5% higher at $ 1318.31 per ounce, after hitting the highest level since February at $ 1319.02. Start of the session.

Gold futures in the US futures contract rose 1.3% to $ 1318.40 per ounce.

While the Federal Reserve cut US growth, unemployment and inflation expectations, the central bank interrupted its three-year efforts to tighten monetary policy, excluding any rate hikes this year, he said. 39; agency.

The dollar fell sharply and US Treasuries rose after yesterday's Fed decision, bringing the yield on 10-year bonds to a minimum of 14 months.

Low interest rates negatively affect the dollar and bond yields, while the attractiveness of the yellow metal, which produces no return, increases.

Among other precious metals, palladium rose 0.3% to $ 1608.46 per ounce after hitting an all-time high of $ 1619.81 at the start of the session.

Analysts have said that a possible ban on Russia's export of precious metals and mineral residues could fuel fears in an already scarce market and push prices to record levels, according to the agency.

The possible ban also contributed to the rise in platinum from the highest level since March to $ 871.25 per ounce.

The metal is aiming for gains for the fifth consecutive session, up 0.8% at $ 866 per ounce.

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