26 June 2023
Gold prices inched higher, benefiting from a weaker dollar, despite trading near three-month lows. Spot gold rose 0.2% to $1,925.78 per ounce, while US gold futures were up 0.3% at $1,935.50. Bullion had experienced a 2% decline the previous week due to hawkish comments from Fed officials suggesting more rate hikes. However, the sentiment regarding tightening cycles and the potential extension of rate hikes has kept gold prices relatively subdued. The dollar’s slight decline also contributed to gold’s attractiveness for overseas investors. While geopolitical developments have not had a significant impact on gold, the situation remains dynamic. Silver, platinum, and palladium also saw gains during this period.