Gold Reaches Its Highest Level, Supported by the Dollar’s Retreat
Gold Prices Hit Three-Week High Amid Dollar Decline
Gold prices reached their highest level in over three weeks this Monday morning, buoyed by a drop in the dollar on international markets. This shift comes in the wake of a Supreme Court decision in the United States that overturned many of the tariffs previously imposed by former President Donald Trump.
Significant Uptick in Spot Market
In the spot market, gold prices jumped 1.2%, reaching $5,163.60 per ounce, marking their highest point in more than three weeks.
Rise in Futures Contracts
Meanwhile, U.S. gold futures for April soared by 2%, settling at $5,184.90 per ounce. This increase indicates a renewed interest from investors in the precious metal as a safe-haven asset.
Other Precious Metals Also on the Rise
Looking at other precious metals, silver saw a robust increase of 3.1%, rising to $87.10 per ounce, reaching a high not seen in over two weeks.
Platinum gained 1.2%, trading at $2,182.60 per ounce, while palladium edged up 0.5%, priced at $1,753.75 per ounce.
This positive movement in precious metals comes amidst a backdrop of uncertainty in financial markets and a weak dollar, enhancing gold and other metals’ appeal as hedging instruments.
