Gold Soars to an Unprecedented Level after the US Central Bank Stuck To Its Interest Rate Path

  • International
  • 21 March 2024
1

Gold prices rose to an unprecedented level on Thursday amid a decline in the dollar and bond yields, after the Federal Reserve maintained its forecast for three interest rate cuts this year.

Low interest reduces the opportunity cost of holding non-yielding bullion and puts pressure on the dollar, making gold cheaper for buyers of other currencies.

Spot gold rose 0.8 percent to $2,203.84 an ounce, after hitting an all-time high of $2,222.39 earlier in the session. U.S. gold futures jumped 2.1 percent to $2,206.30.

Source (Al-Arabiya.net Website, Edited)

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