Gold Prices Breakthrough After Five-Month Slump on Fed Interest Rate Decision
Gold prices are on the rise after a five-month slump thanks to the US Federal Reserve's decision to keep interest rates unchanged.
The Fed's move has weakened the USD, making gold more attractive to investors holding other currencies. Spot gold prices have increased by 0.82% to $4,073.13 per ounce as of July 31st Vietnam time, while gold futures for August delivery fell 0.68% to $4,072.30 per ounce due to profit-taking activity.
The market's support for the precious metal is a welcome change from the recent trend, which saw oil and other precious metals such as silver, platinum, and palladium decline in value. Brent oil prices fell 1.24% to $85.80 per barrel, while WTI oil prices dropped 1.59% to $82.26 per barrel.
The Fed's decision is seen as a key factor in gold's recovery, as high interest rates often reduce the attractiveness of gold due to its unprofitable nature.