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Gold prices are at their highest level in 6 months
December 28, 2022, 12:56 a.m
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London – Qena
Gold prices continued to rise at the close of trading today, to record their highest level in six months, due to optimism about China’s decision to ease further restrictions to combat Corona (Covid-19), which led to pressure on the dollar exchange rate.
The price of gold in spot transactions jumped by about 1.1 percent, to reach $1816.69 an ounce, while US gold futures contracts rose by about 1.1 percent, to $1823.1.
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Earlier today, gold rose 0.4 percent to 1804.99 dollars an ounce, and US gold futures rose 0.4 percent to 811.90 dollars..while the dollar index fell 0.3 percent.
And gold had risen nearly $ 200 since its decline to its lowest level in more than two years in late September, after expectations of a slowdown in the Federal Reserve / the US central bank / the pace of raising interest rates weakened the attractiveness of the dollar, which reduced the opportunity cost. The alternative is to keep the yellow metal, which does not yield a return.
In terms of other precious metals, silver rose in spot transactions by about 1.6 percent to $ 24.09, and platinum rose 0.2 percent to $ 1023.73, while palladium jumped about 4 percent to $ 1832.44.
And China, the largest gold consumer in the world, eased the quarantine rules for Corona, in a major step towards easing restrictions on its borders, which have remained largely closed since 2020, which reinforced investor optimism about the prospects for the recovery of the Chinese economy during the coming period, and its impact on demand. on gold.
