Gold rises in price on Thursday amid falling yields on US Treasuries, as well as the weakening of the US dollar. At 17:50 Moscow time, June gold futures were trading at $ 1,813 per ounce, which is $ 28.7 (1.61%) above the level at the close of the previous session.
During the trades, the price of contracts rose to $ 1814.4 per ounce.
"The rise above $ 1800 per ounce is quite important for gold," Ross Norman, CEO of Metals Daily told MarketWatch. "Over the past three weeks, the precious metal price has tried five times unsuccessfully to break this mark, and therefore breaking this level resistance is especially important ".
The rise in the value of silver above $ 27 per ounce is also a stimulus for the growth of the price of gold, says the expert.
June silver futures rose $ 0.92 (3.5%) on Thursday to $ 27.45 an ounce.
Zaner analysts noted in their review that traders bullish in gold and silver were supported by statements from representatives of the Federal Reserve System (FRS), who tried to reassure investors that interest rates in the United States will remain low for a long time.
The announcements eased some of the concerns raised by traders earlier this week after US Treasury Secretary Janet Yellen said the Fed may have to raise interest rates to avoid overheating the US economy. Yellen's words, published by The Atlantic on Tuesday, led to a decline in the value of gold, but a little later, when she explained her position more clearly, the price of the precious metal went up again. Yellen noted, in particular, that she does not intend to either make forecasts regarding the Fed's policy, or give recommendations to the Fed.
The yield on 10-year US Treasuries on Thursday is 1.57% per annum compared to 1.576% the day before, the ICE dollar index is losing 0.4%.