Gold Records Biggest Monthly Rise Amid Dollar Decline

Gold prices have risen, marking their largest monthly jump since July 2020, due to a decline in the dollar and increasing inflationary pressures that enhance the appeal of the precious metal. The spot price of gold at the end of trading was $1,907.90 per ounce, up 0.3 percent. U.S. gold futures increased by 0.2 percent, settling at $1,909.50 per ounce. The spot gold prices concluded the month with gains of approximately 7.9 percent. Stephen Innes, a member of the forum at SBI Asset Management, stated, "Gold derives its strength from inflation fears and some tilt in yields. The weak dollar is very supportive. Bullish bets on gold are now focused on the $2,000 level, and most expect it to rise further." The dollar index is set to record its second consecutive month of decline against major rivals, while the yield on ten-year U.S. Treasury bonds fell to 1.593 percent on Friday, reducing the carrying cost of gold, which does not yield a return. Palladium rose by 0.2 percent to $2,830.72 per ounce, but it recorded its first monthly decline in four months. Platinum increased by 0.7 percent to $1,185.85 per ounce. Silver rose by 0.6 percent to $28.05 per ounce, achieving its largest monthly gains since December.