International Gold Market News
Gold prices climb as dollar weakens
Gold prices rallied on Thursday, boosted by a weaker dollar and ongoing concerns over the global economic outlook. Spot gold rose 0.6% to $1,830.09 per ounce, while U.S. gold futures gained 0.7% to $1,833.10.
The dollar index, which measures the greenback against a basket of currencies, fell 0.2%, making gold more attractive to overseas buyers. A weaker dollar typically supports gold prices because it makes the metal cheaper for those holding other currencies.
“Gold is benefiting from a weaker dollar and some haven demand amid concerns over the global economy,” said Michael Hewson, chief market analyst at CMC Markets UK.
Economic concerns weigh on sentiment
Investors are increasingly worried about the global economic outlook as recession fears mount. The International Monetary Fund (IMF) recently cut its global growth forecast for 2023, warning that the world economy is facing “a challenging year ahead.”
“The IMF’s downgrade of global growth expectations has put a bid under gold as investors seek safe haven assets,” said Adrian Ash, director of research at BullionVault.
Central bank buying supports gold
Central banks have been major buyers of gold in recent months, providing additional support to prices. The World Gold Council reported that central banks purchased 400 tonnes of gold in the third quarter of 2022, the highest level since 2018.
“Central bank buying is a significant factor supporting gold prices,” said James Steel, chief metals analyst at HSBC. “Central banks are looking to diversify their reserves and hedge against inflation.”
Outlook remains uncertain
Analysts remain cautious about the outlook for gold prices in the near term. The trajectory of the dollar and the global economy will continue to be key drivers.
“Gold is likely to continue to trade in a range for the time being,” said Hewson. “However, if the dollar weakens further or economic concerns intensify, we could see gold prices push higher.”
Conclusion
Gold prices are rising on Thursday, supported by a weaker dollar and ongoing concerns over the global economy. Central bank buying is also providing support. However, the outlook for gold remains uncertain as investors await further developments on the economic front.
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