Gold prices rise above the $ 1900 level amid fears of inflation

Gold prices rose on Tuesday as investors looked asset unsure amid worries about global growth and rising inflation, but bets on large US interest rate hikes kept the yellow metal near its 4-week low in the previous session.

Spot gold was up 0.3% to $ 1,903.70 an ounce. Prices hit $ 1890.20 on Monday, the lowest level since March 29.

US gold futures rose 0.5% to $ 1,904.40 per ounce.

Given that the US Federal Reserve planned to raise interest rates by half a percentage point in each of his upcoming meetings, there was concern in the markets that the rapid pace of tightening could hamper the recovery of the global economy.

The markets were also affected by the economic repercussions of China’s closures to deal with “Covid-19”.

The dollar, a rival safe haven, rose to a two-year high, making gold quoted in dollars more expensive for holders of other currencies and holding back further gains for the precious metal.

Meanwhile, palladium was up 1% to $ 2,166.26 an ounce, one day after concerns over a drop in demand due to “Covid” closures. in China, which led to a decline of 12.9%.

And silver rose in spot transactions by 0.6% to $ 23.74 an ounce and platinum rose 0.2% to $ 922.69.

Read More About: Business News