- Gold prices witnessed global stability during early trading today, Thursday, after the US Federal Reserve announced that it would keep interest rates steady yesterday evening, Wednesday.
- The price of the precious metal in spot transactions stabilized at $2,446.41 per ounce, while gold futures contracts expiring next December rose by 0.7% to $2,490.15 per ounce, according to the American website “Investing”, which specializes in economic and trading affairs.
- Gold bullion prices had witnessed a sharp rise during trading yesterday, Wednesday, approaching their highest record level at $2,483.78 per ounce after the Federal Reserve kept interest rates steady, as was widely expected.
- Low interest rates bode well for the yellow metal, which is currently considered a safe haven and is seeing increased demand, amid geopolitical concerns in the Middle East.
- In other precious metals, platinum futures fell 0.2% to $984.40 per ounce, while silver futures rose 0.5% to $29.070 per ounce.
- Copper futures on the London Metal Exchange rose 0.2% to $9,243.50 a tonne, while one-month copper futures fell 0.3% to $4.1833 a pound.
- US Federal Reserve Chairman Jerome Powell announced yesterday, Wednesday, that a cut in interest rates may be on the table as early as next September; indicating that the interest rate cut is contingent on the Federal Reserve obtaining positive results for US economic data that allow it to move to reduce interest rates.
