The price of gold dropped globally following the Federal Reserve’s decision to hike interest rates, and it lost nearly 5 pounds per gramme of 21-carat gold at the start of trading today, Thursday.
Gold costs 21 pounds, or 1,200 pounds. The cost of gold is 24 pounds, or $1371.5. The price of gold is 18: 1028. 5 pounds. Gold costs 14 pounds, or 800 pounds.
9600 pounds are needed to buy one pound.
After the precious metal prices jumped by more than 1% when the bank suggested there may be a chance of slowing future increases in interest rates, gold prices started to decline following the Federal Reserve Chairman’s (the US Central Bank) statements made yesterday, Wednesday, that it is too early to discuss stopping interest rates.
Gold in instant transactions fell 0. 5 percent to 1640. 05 dollars an ounce by 19:45 GMT.
Prior to the Federal Reserve Decision, gold futures in the United States gained by 0.02 percent upon settlement to $ 1650.
Prices have jumped more than one percent after the bank raised the interest by 75 basis points, as it was widely expected, but indicated that future increases in borrowing costs could be less to take into account the effect of “cumulative tightening of monetary policy” on his part Until now.
Powell later issued a warning against any rumours that the central bank will soon stop raising interest rates.
Interest rates have a significant impact on gold since rising rates make it more expensive to own the precious metal in alternatives that don’t produce a set return.
Following Powell’s remarks, the dollar index and government bonds recovered for ten years.
According to a Reuters survey, the average price of gold will increase from its present levels and reach $1712.50 per ounce next year.
The price of silver in instant transactions fell 1. 6 percent to $ 19. 3 an ounce, after its rise to the highest level in three weeks on Tuesday.
Palladium dropped 1.3% to $ 1856.50 from $936.28 for platinum and 0.7% to $936.28 for palladium.
Gold prices as of today, 3/11/2022, on Thursday. The yellow metal loses 5 pounds at the beginning of trading
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