Gold rises as U.S. dollar weakens

By Xu JingUnreguser
  • World
  • Saturday, 24 Feb 2024

CHICAGO, Feb. 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the U.S. dollar weakened.

The most active gold contract for April delivery rose 18.70 U.S. dollars, or 0.92 percent, to close at 2,049.40 dollars per ounce.

Falling U.S. Treasury yields also supported gold.

The hawkish stance of several Federal Reserve officials this week has entirely priced out the possibility of a rate cut in May.

U.S. gross domestic product report will be released on Wednesday.

Silver for March delivery rose 19.80 cents, or 0.87 percent, to close at 22.982 dollars per ounce. Platinum for April delivery rose 4.10 dollars, or 0.45 percent, to close at 909.60 dollars per ounce.

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