Bengaluru — Gold prices climbed to their highest level in nearly two weeks on Monday, as the dollar weakened and the US Federal Reserve’s new policy framework suggested that interest rates would remain low for some time.
“The greenback took a big spill on Friday as market participants digested what was coming out of the Jackson Hole Symposium, and the knock-on benefits to gold are still being felt,” said IG Markets analyst Kyle Rodda. The Fed’s new monetary policy strategy suggested that the US central bank’s key overnight interest rate, already near zero, would stay there for potentially years as policymakers woo higher inflation.
The dollar index dropped close to a two-year low and was on track for its fourth consecutive monthly decline.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: