Gold rises 1% amid gloomy economic prospects19 Jan 2023 17:27
The price of gold increased on Thursday amid a bleak economic backdrop. The most recent disappointing data on the United States retail sales, industrial production and housing starts could have raised an appetite for the yellow metal, which has acted as a safe haven against recession scares throughout history.
Recession fears might have been rekindled by comments coming from the Federal Reserve officials, who noted that the terminal rate will still have to be above 5% and be kept at that level "for some time."
Gold gained 1% to go for $1,922.55 per ounce at 10:34 am ET. Silver added 0.80%, selling at $23.65 per ounce simultaneously. On the other hand, platinum fell 1.35% to $1,027.62 per ounce at 10:35 am ET, and palladium plunged 3.03% to $1,689.27 per ounce concurrently.
Baha Breaking News (BBN) / AY