That prayed Kicked off the new year on the right foot after closing volatile 2022 virtually unchanged, and its prices hit highs in more than six months this Tuesday, January 3, as investors braced to read the latest minutes of the Learn about Federal Reserve (Fed) monetary policy from the United States. Spot gold rose 0.8% to $1,838.54 an ounce after hitting a high not seen since June 17 last year. US gold futures were up 1% to $1,844.70.
US 10-year Treasury yields fell to session lows, lowering the opportunity cost of holding prayedwhich pays no interest.
Market attention now turns to the minutes of the Federal Reserve’s December monetary policy meeting, due to be released on Wednesday, as well as other economic data expected this week.
Although the prayed Seen as a hedge against economic uncertainty, it tends to become less attractive in a higher interest rate environment.
Bullion posted a small annual loss in 2022 as dovish Federal Reserve policy fueled a dollar rally that challenged the precious metal’s role as a safe haven asset.
Among other precious metals, spot silver was up 1.6% to $24.37 an ounce, platinum was up 1.4% to $1,083.98 and palladium was up 0.6% to $1,805.01.
With information from Portal.