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Commodities

Weaker Dollar Sends Gold Prices Soaring

Guavy AI Editorial Team
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Oil Gold
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Gold prices rose on Thursday as the US dollar weakened and inflation eased. The price of spot gold increased by one percent to $4,104.59 per ounce by 1:40 p.m. EDT (1740 GMT). US gold futures for August delivery gained 1.60 percent to settle at $4,160.60.

The dollar fell 0.80 percent as the yen strengthened, making greenback-priced bullion more affordable for buyers overseas. A weaker dollar is a key factor supporting gold prices.

Bart Melek, global head of commodity strategy at TD Securities, said that the PCE data looks 'a little bit better than the market expected.' However, he also warned that renewed hostilities in the Middle East may lead to increased oil prices and inflation pressures.

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