Gold recorded a slight increase in Tuesday’s trading, but it is still hovering near its lowest levels in more than seven weeks, in light of markets’ fears that the Federal Reserve (the US central bank) will keep interest rates high for a longer period of time, in conjunction with investors’ anticipation of a package of expected US economic data.
By 04:07 GMT, gold rose in instant transactions by 0.4% to record $4,130.58 per ounce, partially recovering after recording in the previous session its lowest level since the fifth of last August. On the other hand, US gold futures witnessed a slight decline of 0.2% to reach $4,162.20.
In the same context, Reuters quoted Christopher Taher, a market analyst at Exness, as confirming that geopolitical developments will remain a decisive factor and a major driver of gold prices. He explained that the continuation of tensions will maintain high levels of energy prices and bond yields, while any tangible progress towards calm may contribute to alleviating the current pressures on the yellow metal.
