Gold rises as U.S. dollar weakens

Mar 18, 2023

Chicago [US], March 18: Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the U.S. dollar weakened.
The most active gold contract for April delivery rose 50.50 U.S. dollars, or 2.63 percent, to close at 1,973.50 dollars per ounce.
A global banking crisis continues to weigh on investors' sentiment, driving investors to safe-haven gold.
Gold is also benefiting from market speculations that the Federal Reserve may end its cycle of interest-rate hikes after one more 25-basis-point rate hike at its meeting next week.
The speculation dampened the U.S. dollar index.
Economic data released on Friday further supported gold. The Federal Reserve reported that U.S. industrial production remained unchanged in February, falling short of market expectations for a 0.2-percent increase.
Preliminary reading of the University of Michigan consumer sentiment index fell to 63.4 in March from February's 67, the first time in four months. Economists were expecting the index to remain unchanged from February.
Silver for May delivery rose 77 cents, or 3.55 percent, to close at 22.462 dollars per ounce. Platinum for April delivery rose 1.50 dollars, or 0.15 percent, to close at 978.60 dollars per ounce.
Source: Xinhua

More news

"Transforming Broken tile into Style", Somany Ceramics collaborates with College of Architecture Trivandrum on National Tiles Day

Trivandrum (Kerala) [India], February 23: Somany Ceramics Ltd., a leading name in the tile industry, on National Tiles Day 23rd February 2024, collaborated with the students of College of Architecture Trivandrum to spotlight the artistic potential inherent in waste tiles and to promote sustainability in design. "Transforming broken tile into Style", showcase the creative potential of broken tiles by repurposing them into stunning mosaics. It promotes the mindset of sustainability in design and aims at waste reduction. Over 20 skilled architecture students utilized their creativity and expertise to repurpose waste tiles into a stunning piece of art measuring approximately 8 by 10 feet in height, which was installed within the College campus.

Feb 23, 2024