Gold Prices Increased Further

File Photo

News Desk: Gold prices in the global market have continued to rise steadily, reaching their highest level in the past two weeks. As the value of the US dollar has declined and crude oil prices have fallen, investors are once again increasing investments in gold as a safe-haven asset. At the same time, indications of a possible understanding in US–Iran relations have somewhat eased concerns over further increases in inflation and interest rates, which has had a positive impact on the gold market. Reuters reported this.

According to the report, spot gold prices in the global market rose by 1.2 percent to 4,745.08 dollars per ounce, the highest level since 23 April. In addition, US gold futures increased by 1.3 percent to reach 4,754.20 dollars.

Market analyst Fawad Razaqzada said that when oil prices decline, bond prices usually rise and yields decrease. Investors are increasing investments in assets such as gold and silver amid expectations that central banks may slow the pace of interest rate hikes.