Gold prices recorded stability today, after the statements of the Chairman of the Federal Reserve (the Central Bank of America) about raising interest rates this year, so that the yellow metal remained close to its lowest level in three months, which it recorded in the previous session.
Gold settled in spot transactions at $1932.35 an ounce, while US gold futures fell 0.1% to $1942.70.
Central Bank Chairman Jerome Powell told congressional lawmakers that the expectation of further rate hikes is a “very good guess” of what the bank is headed for if the economy remains on its current path.
And the rise in interest rates leads to a decline in the attractiveness of the yellow metal, which does not yield a return.
As for other precious metals, silver also stabilized in spot transactions at $22.6293 an ounce, after it fell to its lowest level since last March 22 in the previous session. As for platinum, it rose 0.4% to $944.96, and palladium increased 0.1% to $1348.81.