Forex
Weakened Dollar Boosts Gold Prices Amid Rising Interest Rates
Gold prices rose on Thursday as the US dollar weakened, with spot gold reaching $4,412.84 per ounce by 02:34 GMT.
This increase is largely due to the persistently weak US dollar, which continues to drop despite rising US interest rates.
According to Marex analyst Edward Meir, geopolitical developments in the Persian Gulf are currently taking a back seat for gold, allowing it to benefit from the weak dollar.
The US dollar's decline is making dollar-denominated metals more affordable for buyers holding other currencies, supporting the price of gold.