CHICAGO, March 2 — Gold futures on the Comex division of the New York Mercantile Exchange rose yesterday as the US dollar and Treasury yields fell, reported Xinhua.
The most active gold contract for April delivery rose US$41.00, or two per cent, to close at US$2,095.70 per ounce.
In an interview with CNBC yesterday, Richmond Federal Reserve President Thomas Barkin said price increase pressures still exist in the United States (US) economy, and it is too soon to predict when the Federal Reserve will be able to begin to cut its benchmark interest rate.
“I am still hopeful inflation is going to come down and if inflation normalises then it makes the case for why you want to normalise rates, but to me it starts with inflation,” he said.
“Balance sheet plans are about getting liquidity levels right,” Fed Governor Chris Waller said at a monetary policy conference held by the Clark Center for Global Markets at the University of Chicago’s Booth School of Business yesterday.
“They do not imply anything about the stance of interest rate policy, which is focused on influencing the macro-economy and achieving our dual mandate,” he added
Silver for May delivery rose 47.90 cents, or 2.09 per cent, to close at US$23.364 per ounce. Platinum for April delivery rose US$4.00, or 0.45 per cent, to close at US$888.00 per ounce.
— Bernama
