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Gold futures are rising, supported by the dollar weakness..

News Date: 30/11/2022 04:50:47
 

The dollar fell from the highest level in a week on Wednesday, before a speech by the Chairman of the Economic Reserve, Jerome Powell, and became hovering near its lowest level in a month, and the main dollar index fell against a basket of currencies today, Wednesday, within the range of 0.25%, down to levels of 106.5 points, and the euro did a great job. Well it increased by 0.3%.

 

The harmonized rate of inflation is expected to have increased to 10.4% in November, down from a final reading of 10.6% in October.

 

As for US bonds, they continued to record declines in yields, so that the 10-year bond yield fell in the range of 0.025 points, to levels of 3.72%.

 

Gold prices rose on Wednesday, supported by the decline in the dollar, and gold rose in spot transactions by 0.2% to $1752.95 an ounce, and US gold futures rose 0.3% to $1768.20.

 

The US economy is expected to enter a recession around the middle of next year, according to Mark Cabana, head of rate strategy at Bank of America.

The bank added that this will prompt the US central bank to cut interest rates at the end of 2023, which will lead to a decrease in US Treasury yields.

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