Gold rises 2.4% to $4,364.29

The price of gold jumped by 2.4% in spot trading to reach $4,364.29 per ounce, after previously declining to its lowest level in nearly six weeks. The rise in gold is attributed to a decline in oil and the US dollar, which supported the precious metal market. Additionally, lower US Treasury bond yields and a decrease in inflationary pressures caused by falling energy prices further increased gold's appeal. On the other hand, heightened tensions related to expectations of US interest rate hikes and the possibility of resuming monetary easing in the future have bolstered the gold market, despite stable interest rates in Britain and the Bank of Japan's readiness to continue raising borrowing costs. Other precious metals such as silver, platinum, and palladium showed significant gains, reflecting increased demand for safe-haven assets.

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