Gold prices continue to rise: what’s happening in the market
30 March 11:17
On Monday, March 30, the price of gold rose amid a decline in the dollar, but the gains were limited by rising energy prices, which heightened inflation fears and further dampened expectations of an interest rate cut by the U.S. Federal Reserve this year.
This is reported by "Komersant Ukrainian" citing Reuters.
As of 06:27 GMT, the spot price of gold rose 0.8% to $4,528.74 per ounce after falling by about 1% earlier in the session. U.S. gold futures for April delivery rose 0.7% to $4,556.70.
The U.S. dollar weakened, making dollar-denominated commodities more affordable for holders of other currencies.
“Last week’s gold price action (when it broke a three-week losing streak) signaled a reaction to oversold conditions and a possible reversal of the recent decline. However, this needs to be confirmed by this week’s price action. Given the rapid flow of news headlines, volatility is the most likely outcome,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.
As a reminder, the price of Brent crude rose above $115 per barrel after Yemeni Houthis launched attacks on Israel last weekend, intensifying the ongoing war and exacerbating inflationary pressures. Since early March, the price of oil has risen by 60%, marking a record monthly increase.
