HomeIndustriesPrice of Gold Rises to Four-Week High

Price of Gold Rises to Four-Week High

The price of gold hit its highest level in four weeks as the ongoing Middle East conflict continues to intensify. Spot gold rose by 1.1% to $1,943.57 an ounce on Wednesday morning while the Bloomberg Dollar Spot Index remained relatively unchanged. Silver, platinum, and palladium advanced as well.

Gold rose despite other commodities and stocks embarking on a downward trajectory. With US retail sales remaining resilient in the face of stubborn inflation, the Federal Reserve has been given more reason not to give up on its tight fiscal policy. Usually, rising interest rates signal a decline in gold prices.

Since the terrorist attack carried out against Israel by Hamas on October 7, the price of bullion has rocketed over 6% upwards. Before the outbreak of the conflict, the metal had been trading near a seven-month low.

Tesla Delays the Launch of U.S.-Made Affordable EV

Electric vehicle maker Tesla is delaying the launch of its U.S.-made affordable car for at least several months according to a newest report by...

Netflix’s Resilience Praised by Wall Street Analysts After Strong Q1 Earnings

Streaming giant Netflix continues to be championed by Wall Street analysts, who view the company as “resilient” in a tough economic environment after strong...

Fed to “Wait for Greater Clarity” Before Making Policy Adjustment Says Chair Jerome Powell

The Federal Reserve will wait to see the impact of recent sweeping tariffs on the U.S. economy before considering making policy adjustments, according to...