The price of gold is rising and approaching a record, silver has reached a monthly high

The cost of gold increased by 0.5%, silver by 2.6%. The rise in precious metals is related to the falling dollar and inflation expectations

Gold bars
Gold bars, illustrative photo / pexels.com

On Wednesday evening, the cost of gold rose by 0.5%, approaching its historical maximum, reports "Interfax-Ukraine".

According to the New York Comex exchange, the price per troy ounce of gold in April contracts reached $2176.2. This is slightly below the record set on March 11, when the price was $2188.6 per ounce.

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Silver also showed significant growth, its May futures rose by 2.6% to $25.04 per ounce, becoming the most expensive since December last year.

The weakening of the dollar by 0.1%, as shown by the DXY index, played an important role in increasing the value of precious metals, as it makes them more accessible to buyers with other currencies.

This comes against the backdrop of news about an increase in consumer prices in the US in February by 3.2% year-over-year, exceeding the January increase of 3.1%.

New inflation data, which the US Department of Labor is expected to publish on Thursday, is expected to influence the Federal Reserve's decisions regarding the key interest rate.

It was previously reported that the US Department of Energy raised the expected cost of Brent crude oil by five dollars per barrel for 2024-25, citing measures by OPEC+.

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