Forexscamreview Blog Forex guide Gold Inches Higher On Dollar Weakness
Forex guide

Gold Inches Higher On Dollar Weakness

Gold prices rose slightly on Friday, as the dollar eased and was on track for a 1.5 percent weekly fall amid improved risk sentiment in global markets.

Global bond yields were also mostly lower amid growing fears of a recession.

Spot gold edged up 0.3 percent to $ 1,847.13 per ounce, while US gold futures were up 0.2 percent at $ 1,845.26.

Equity markets were seeing a tentative rebound after China’s central bank announced a reduction in a key interest rate for long-term loans to mitigate a slowdown in the world’s second-largest economy.

The People’s Bank of China has lowered the five-year loan prime rate by 15 basis points to 4.45 percent from 4.60 percent, while leaving the one-year LPR unchanged at 3.75 percent.

In another development, the US Senate approved a $ 40 billion aid package to Ukraine to resist attacks by Russia.


Exit mobile version