Gold prices rise for first time in 6 days

27/02/2023 Argaam

Gold prices rise for first time in 6 days

Gold prices ended in the green today, Feb. 27, following five straight losing streaks as investors assess monetary policy prospects.

 

Demand for the yellow metal was boosted by reduced market uncertainty around monetary policy tightening. This, in turn, prompted a downturn in US Treasury bond yields and the US dollar index.

 

Today's data revealed that the number of US durable goods orders fell in January by 4.5%, or $13 billion, month-on-month (MoM), landing the steepest decline since April 2020.

 

At settlement today, gold for April delivery gained 0.4%, or $7.80, to $1,824.90 an ounce.

 

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, contracted by 0.5% to 104.652 points at 10:03 pm Makkah time.

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