Suara.com – The price of gold shot to its highest level as the dollar and US bond yields weakened.
Quoting CNBC, Friday (9/4/2021), the price of gold in the spot market jumped 1.11 percent to 1,756.56 US dollars per ounce, previously reaching its highest level since March 1 at 1,758.45 US dollars per ounce.
Meanwhile, gold futures in the United States closed around 1 percent to 1,758.2 US dollars per ounce.
“The dollar and American yields are down and that’s the main catalyst at the moment. The not-so-impressive amount of jobs data is also helping to push gold higher,” said Bob Haberkorn, analyst at RJO Futures.
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The dollar slipped to its lowest level in more than two weeks, while US Treasury yields fell, making gold more attractive than alternative investments such as bonds.
New claims for unemployment benefits in America rose unexpectedly last week, data showed.
This further highlights the Fed’s commitment to support the economy until its recovery is safer, based on the minutes of the central bank’s latest policy meeting released Wednesday.
Market participants are now awaiting the Fed Chairman Jerome Powell’s speech at a virtual International Monetary Fund conference on Thursday evening.
Another metal, silver soared 1.4 percent to US $ 25.47 per ounce, after hitting a more than two-week high of US $ 25.60 per ounce.
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Palladium added 0.3 percent to US $ 2,630.19 per ounce, while platinum added 0.4 percent to US $ 1,229.99 per ounce.