Gold prices inched up today, April 15, lifted by increasing demand for safe havens amid escalating geopolitical woes, although the US dollar and bond yields hit their highest levels in five months after the release of economic data.
Bullion for June delivery climbed by 0.35%, or $8.90, at $2,383 an ounce, hitting the ninth record level this month, after touching $2,340.20 per ounce.
Likewise, the US dollar index, which gauges the greenback's strength against a basket of six currencies, increased 0.15% to 106.18 points at 09:41 pm Makkah time, after touching 106.23 points, which is its highest level since November 2023.
US retail sales gained 0.7% in March, compared to a rise of 0.9% in February’s reading, revised upwards from 0.6%, exceeding market forecasts for a 0.3% increase during the month.
The CME FedWatch Tool showed that the Fed is likely to fix borrowing costs at the May meeting by 95.5%, with the market preference for cutting interest rates by 25 basis points at the June meeting declining to 21.7% from 55.2% a month ago, while the probability of stabilizing rates during the meeting increased to 77.4% of 41.2%.
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