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)
