Thu. Dec 8th, 2022

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Gold shines once again

1 min read
Pure Gold

Gold edged higher on Monday after weak U.S. data raised concerns over a quick economic rebound from the coronavirus-led slump and cemented hopes that lower interest rates would last longer.

Spot gold was up 0.2% at $1,935.50 per ounce by 03:41 GMT, moving further away from a one-week low of $1,916.24 touched on Friday. U.S. markets are shut for the Labor Day holiday on Monday.

U.S. gold futures rose 0.5% to $1,943.40.
Federal Reserve Chairman Jerome Powell said the U.S. jobs report for August was “a good one,” but noted that with gains likely to slow, the central bank is planning to keep its foot on the monetary policy gas pedal for years.

Central banks around the world, including the Fed have rolled out massive stimulus measures and slashed interest rates near zero to mitigate the virus impact on the economy, helping gold climb more than 28% so far this year.

Lower interest rates decrease the opportunity cost of holding nonyielding bullion.

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