Gold Rises as Dollar Falls

Gold prices rose on Wednesday after the dollar declined, increasing by 0.2% in spot transactions, having reached a three-week high earlier in the session. U.S. gold futures also rose by 0.2%. The dollar index fell by 0.3% to its lowest level since May 11, making gold less expensive for holders of other currencies. Yields on 10-year U.S. Treasury bonds dropped to their lowest level in nearly a week. Markets see a 92% chance of the Federal Reserve raising interest rates by 25 basis points at the monetary policy meeting on July 25 and 26. For other precious metals, silver increased by 0.1% in spot transactions, platinum rose by 0.4%, while palladium fell by 0.1%.