Gold rises as U.S. dollar weakens
Apr 25, 2023
Chicago [US], April 25: Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday as the U.S. dollar weakened.
The most active gold contract for June delivery rose 9.30 U.S. dollars, or 0.47 percent, to close at 1,999.80 dollars per ounce.
The market is expecting a 25-basis-point rate hike by the Federal Reserve in its upcoming May meeting.
The 2,000-dollar level remains an important psychological price point for gold. Market analysts hold that gold is in a correction. As market confidence remains fragile, gold as a safe haven will remain attractive to investors for a while.
Investors are also waiting for U.S. gross domestic product report due out on Thursday.
Silver for May delivery rose 25.30 cents, or 1.01 percent, to close at 25.311 dollars per ounce. Platinum for July delivery fell 41 dollars, or 3.60 percent, to close at 1,097.70 dollars per ounce.
Source: Xinhua
