International Desk: The price of gold has hiked again in the international market. The value of the US currency, the dollar, has fallen. At the same time, the US Treasury yield has gone down. As a result, the price of the important metal has gone up again.
This information was found in a CNBC report on Thursday (December 29) citing the news agency Reuters.
According to the report, investors in the global market are now waiting for new guidance on the interest rate hike plan of the US central bank, the Federal Reserve (Fed).
On this day, the international benchmark gold price increased by 0.2 percent. Gold sold at $1807.57 per ounce. In the previous session, the price of this gold decreased by 1 percent.
The US benchmark gold fell 0.1 percent on the same day. It sold for $1,814.30 per ounce. The dollar index fell 0.2 percent. Demand for bullion has increased among buyers holding other currencies mainly due to the devaluation of major international currencies.
US 10-year Treasury yields rose to a six-week high earlier in the day. But then it went downhill.
If all goes well, the US release new jobs data yesterday. That will have a major impact on the Fed’s rate hike strategy.
Ajay Kedia, director of Mumbai-based Kedia Commodities, said US jobs data will be very important. If the rate rises, the dollar will weaken and gold will strengthen.
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