Gold prices rose today, Thursday, supported by a weak dollar, following the Bank of Canada raising interest rates to their highest level in 22 years. Spot gold increased by 0.4% to $1,946.47 per ounce after a 1% decline in the previous session. U.S. gold futures also rose by 0.1% to $1,961.00.
Economists surveyed by Reuters indicated that "the Federal Reserve is unlikely to raise interest rates in its scheduled meeting on June 13 and 14, marking the first time in over a year." U.S. Treasury Secretary Janet Yellen confirmed that "the U.S. economy is strong with active consumer spending, although some areas are experiencing a slowdown." In the realm of other precious metals, silver rose by 0.3% in spot transactions, platinum increased by 0.2%, and palladium climbed by 0.4%.
