On Tuesday, gold prices exceeded $1,900 an ounce due to a minor dip in both bond yields and the dollar as investors anticipate the Jackson Hole Central Banks Symposium later in the week.
At 10:09 AM GMT, the price of gold increased by 0.5% to $1902.50 per ounce in the spot market.
The price of US gold futures rose to $1932.30 per ounce, up 0.5%. Independent analyst Ross Norman believes the price increase is due to dollar correction and bargain-hunting.
He mentioned that the price of gold is not expected to fluctuate significantly before the Jackson Hole symposium due to anticipation. However, US Treasury yields, which are at their highest levels in 16 years, remain a major issue that is not being discussed.”
The dollar decreased by 0.2% against other currencies, causing gold to become more affordable for holders of other currencies, and the ten-year US Treasury yields dropped after hitting their November 2007 peak.
Later this week, European Central Bank President Christine Lagarde and US Federal Reserve Chairman Jerome Powell will speak in Jackson Hole to provide insight into interest rate expectations.
Silver prices rose in the spot market, increasing by 0.3% to $23.24 per ounce.
The price of platinum increased by 1.2% to $920.
The price of palladium increased by 1.5% and is now at $1,264.14.