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Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Precious metals are rising in price amid the falling dollar

December, 01 2022
watermark Economic news

On Thursday, precious metals are showing positive dynamics against the backdrop of a fall in the dollar against major world currencies after statements by Fed Chairman Jerome Powell about a likely slowdown in the rate hike at the next meeting.


Quotations of December gold contracts on the NYMEX exchange rose by almost 3% to $1,818 per troy ounce.


Silver for December delivery jumped 4% in price to $22.94 per ounce.


Palladium prices increased by 2.1% to $1,922 per ounce, platinum rose by 1.5% to $1,066 per ounce.


At the same time, the dollar index (ICE) fell by 0.9% to 104.578 during today's trading. Jerome Powell's statements that the US central bank may slow down the rate hike in December put pressure on the US currency. Analysts note that «gold likes the combination of low rates and a weak dollar.»


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.