The price of gold maintained its last profits, which led him to exceed the $ 3700 per ounce level for the first time, supported by the market expectations to reduce interest at the Federal Reserve on Wednesday. The precious metal traded near $ 3694 per gram on Wednesday morning, just under $ 10 than the standard peak it reached at 3703.07 dollars on Tuesday. The last increase was also driven by the decline in the US dollar index to levels that have not been seen since March 2022, making gold cheaper for other currencies. Investors focus on the results of meeting the Open Market Committee in the Federal Reserve, where clients believe that reducing interest with a quarter of a percentage point has almost become sure. Even the strong US sales data released on Tuesday did not change much of these bets. Low interest is known to support gold, because it is an origin that does not produce yields. Read more: US retail sales have surpassed expectations in August amid strong spending, gold has risen by more than 40% since the beginning of the year, supported by a number of factors that include geopolitical blur, the fear of possible negative effects of US fees on the global economy, as well as raising the purchasing of the central bank – especially from emerging market. Expectations are increasing in the ongoing bullish momentum in the market, as Goldman Sachs expects prices to rise to approach $ 5,000 an ounce, if even a small percentage (1%) of private effects to gold. Parallel the metal appeal was strengthened with the escalation of President Donald Trump’s pressure on the federal. The legal dispute with ruling Lisa Cook, as well as the appointment of his economic adviser Stephen Miran in the council, expressed concern about the independence of US monetary policy and urged investors to search for safe ports. Gold recorded a minor profits of 0.1% to $ 3694.24 per gram at 8:20 a.m. Singapore time. The Bloomberg index for the dollar fell 0.5% yesterday. The silver settled without his highest level in 14 years, while Al -Padumium rose, and platinum remained unchanged.
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