Commodities

Gold climbs anew despite dollar's strength

2022-09-22 17:09:11 GMT (Economies.com)

Gold prices rose on Thursday even as the dollar gained ground against major rivals, with haven demand boosting gold amid uncertainty and concerns about global monetary policies. 

 

As expected the Federal Reserve hiked interest rates by 75 basis points for the third meeting in a row to 3.25%, the highest since 2008.

 

The Fed also expects US GDP growth to slow down to just 0.2% this year, down from 1.7% in previous forecasts. 

 

The Fed also expects unemployment to rise to 4.4% by 2023, up from 3.7% currently. 

 

Separately,  Bank of England hiked interest rates by 50 basis points today, while other central banks in the Arab Gulf region, Switzerland, Philippines, and others, took similar measures. 

 

Earlier US data showed unemployment claims rose to 213 thousand last week, beating estimates of 218 thousand.

 

The dollar index rose 0.5% as of 16:57 GMT to 111.2, with a session-high at 111.8, and a low at 110.4. 

 

Gold spot prices rose 0.4% as of 16:58 GMT to $1,682 an ounce. 

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