Gold continued to rise on Thursday after hitting its highest level in April 2022, the day before. This was due to a falling dollar and falling bond rates.
Spot gold was up 0.3 per cent to $1.956.44 per an ounce. U.S. gold Futures were up by 1.5 percent at $ 1,971.80.
The dollar fell to its lowest level in a decade against the euro, while Eurozone bond yields dropped after Federal Reserve Chairman Jerome Powell acknowledged the inflation was beginning to ease. He also said that the financial conditions were tightening over the past 12 months.
The Fed raised interest rates on Wednesday as expected by 25 basis points. They also stated that they would continue to increase the main rate in order to control inflation.
CME Group’s FedWatch Tool predicts that 81.8 percent of the time, the Fed will increase rates by 25 basis points at its next monetary meeting scheduled for March 21-22.
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Later in the day, the European Central Bank (ECB) and Bank of England will announce the interest rate decisions.
Markets will be driven by ECB President Lagarde’s press conference, which is expected to take place on the day of Lagarde’s ECB president Lagarde’s press conference.