Thursday saw a rise in gold prices as demand for the safe-haven commodity increased due to worries that the conflict in the Middle East will spread to other areas.
Spot gold was up 0.4% at $2,369.93 an ounce. Futures for US gold fell 0.1% to $2,385.10 an ounce.
As Western nations begged for moderation in reacting to a barrage of strikes from Iran, Prime Minister Benjamin Netanyahu declared that Israel would determine how to defend itself.
A Federal Reserve survey revealed that businesses were concerned that the progress made in reducing inflation would stagnate as U.S. economic activity increased somewhat from late February to early April.
Loretta Mester, president of the Cleveland Federal Reserve Bank, stated that she anticipates price pressures to lessen further this year, enabling the Fed to lower borrowing costs—but only after she is “pretty confident” that inflation will gradually reach its 2% target.
Having non-yielding bullion becomes more appealing when interest rates are lower.
Even after lowering interest rates twice, the European Central Bank would still be restraint the economy, according to ECB policymaker Mario Centeno, but there is no rush to lower borrowing costs.
According to the Silver Institute Industry Association, a 1% decrease in overall supply and a 2% increase in demand, driven by strong industrial use, are projected to cause the global silver deficit to increase by 17% to 215.3 million troy ounces in 2024.
Investors are taking a little break amid a barrage of remarks from world financial leaders at the World Bank and International Monetary Fund Spring meetings in Washington, as well as the fact that many markets have seen significant movements in the last few weeks.
Spot silver increased by 0.2% to $28.28 per ounce, while palladium was unchanged at $1,026.25, and platinum increased by 0.3% to $940.55.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
Invest wise with Expert advice
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.