Fed Chair comments boost gold's technical levels

Gold prices rose today, Thursday, after a significant decline in the previous session, amid market anticipation of US Federal Reserve Chairman Kevin Worch’s comments later this week. Spot gold increased by 0.5% to reach $4,615.27 per ounce, while US gold futures climbed by 0.4% to $4,669.50. This comes as inflation rates in the United States continue to rise, with the annual inflation rate in July remaining above the Central Bank's 2% target for the 65th consecutive month, amid expectations of further interest rate hikes or steady rates, which impacts the appeal of non-yielding gold. Other precious metals also gained: silver up by 1% to $68.77, platinum up by 0.7% to $1,842.88, and palladium up by 0.3% to $1,332.34.

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