Gold rises due to the decline in the dollar

The nation press services
2021-07-28 | Since 2 Month

Gold prices rose today, drawing support from the decline in stocks and the dollar, but the gains were limited while the market cautiously awaits what the US Central Bank's assessments of inflation and economic growth will reveal.

By 07:07 GMT, the spot price of gold rose 0.3% to $1804.69 an ounce, while US gold futures rose 0.2% to $1,803.40 an ounce.

"Gold is benefiting from some buying to hedge against risks ahead of the results of the Federal Open Market Committee meeting," said Jeffrey Haley, senior market analyst for the Asia-Pacific region at OANDA.

The US Federal Reserve (Fed) is scheduled to release a statement at 18:00 GMT today, followed by a press conference by Central Bank President, Jerome Powell.

And gold plunged 7 percent in June 2021 after the Reserve Board sounded hawkish at its last meeting.

Silver rose 0.6 percent to $24.82 an ounce, after hitting its lowest level in nearly four months at $24.46, on Tuesday.

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