Gold Records Slight Increase

Gold prices in spot transactions rose by 0.2% today, Tuesday, amid weak trading due to the American Independence Day holiday. Investors expect that "there is about a 90% chance of a 25 basis point interest rate hike in July," according to the Federal Reserve monitoring tool on the Chicago Mercantile Exchange. This would raise interest rates to between 5.25% and 5.50% before an anticipated reduction in May 2024. The dollar index increased by 0.1%, which dampened the rise in bullion prices since a stronger dollar makes gold more expensive for holders of other currencies. Regarding other precious metals, silver in spot transactions rose by 0.3%, platinum jumped by 1.1%, and palladium surged by 2.1%.