As investors anticipated further signals from the Federal Reserve regarding interest rate reductions, gold prices increased during Wednesday’s Asian trading session, supported by a weakening dollar.
Gold futures expiring in December saw a 0.5% increase to $2,463.85 an ounce, while spot gold increased by 0.3% to $2,419.11. Before the end of the Fed meeting later in the day, traders turned away from the dollar, and the yellow gold surged above $2,400 an ounce.
Precious metals profit from Israel-Hamas tensions. Silver futures increased 0.8% to $28.745 an ounce, while platinum futures increased 0.7% to $976.75 an ounce, among other precious metals.
Copper prices among industrial metals rose from over four-month lows as expectations for additional stimulus measures in China, the world’s largest importer, increased due to encouraging remarks from the government and soft purchasing managers index data.
One-month copper futures were up 1.1% to $4.1368 per pound on the London Metal Exchange, while benchmark copper futures increased 1.7% to $9,123.50 a tonne.
