Gold prices have risen again in the global market due to the fall in the dollar and the 14-day ceasefire between Iran and the United States.
Spot gold prices in the international market rose by 0.9 percent to $4,755.99 per ounce on Thursday (April 9), Reuters reported. Earlier, on Wednesday (April 8), spot gold prices rose 1.2 percent to $4,756.37 per ounce in the international market.
The slight decline in the US dollar index has made it cheaper for users of other currencies to buy gold, which has increased its demand. Although a temporary ceasefire brokered by Pakistan and other countries is underway, investors are skeptical about its durability.
Concerns remain over Israeli attacks in Lebanon and Iran's position in the Strait of Hormuz. Market analyst Bob Haberkorn said that while the dollar's weakness has helped gold regain its lost ground, the market is still cautious.
Because if the ceasefire collapses and tensions rise again, oil prices and inflation could rise again. In that case, the US Federal Reserve could keep interest rates higher, which could be negative for gold in the long run.
Along with gold, silver prices increased by 0.5 percent and platinum prices increased by 0.8 percent. However, palladium prices decreased by 0.4 percent.
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