Home News Finance Gold Prices Soar To An All-time High as Dollar Weakens
FinanceNews

Gold Prices Soar To An All-time High as Dollar Weakens

483

Gold prices soared to an all-time high on Friday, reaching $2,500.99 per ounce as the dollar weakened and expectations grew for a United States interest rate cut in September.‎ Spot gold was up 1.7 per cent to $2,498.72 by 2:27 p.m. EDT (6:27 p.m West Africa Time), while U.S. gold futures reached $2,537.80. This week alone, gold has risen by 2.8 per cent.

Gold’s surge is due to a strong demand for the precious metal. The dollar index fell 0.4 per cent, marking its fourth consecutive week of losses, which made gold more attractive to international buyers. Analysts believe that geopolitical tensions, particularly in the Middle East, have also driven demand for gold.

A report from Reuters noted that market attention is now shifting to the upcoming speech by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole economic symposium. During the event,  he is expected to provide insights on future rate cuts. Recent economic data, including a decline in inflation, suggested that the Federal Reserve may be on track for a 25-basis-point rate cut.

In related market movements, silver rose by 1.4 per cent to $28.81 per ounce, while platinum and palladium experienced slight declines.

 

Read AlsoGhana Opens First Gold Refinery To Boost Revenue  

JUST IN: NAFDAC Seizes N200 Million Worth of Fake Drinks in Lagos Island Illegal Alcohol Factory Bust

NJC Set Panels To Investigate 27 Judges for Alleged Misconduct

About The Author

Related Articles

FinanceNewsWorld

Niger’s Prime Minister Attends WAEMU Ministerial Meeting in Dakar as Burkina Faso Takes Over Council Presidency

Niger’s Prime Minister and Minister of Economy and Finance, Ali Mahamane Lamine...

FinanceTravelWorld

AES and Togo Discuss Customs Reform and Regional Trade Integration

The member states of the Alliance of Sahel States (AES), Mali, Burkina...

Cooking Gas Kerosene Prices Increase
BusinessNews

Tinubu Regime Causes More Pain For Nigerians As Cooking Gas Prices Soar 40% In One Week

The price of refilling a 12.5kg cylinder of Liquefied Petroleum Gas (LPG),...

News

Niger Parliamentary Delegation Visits Bamako to Strengthen Ties Within the CSSS

A parliamentary delegation from Niger has arrived in Bamako, Mali, as part...