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An increase in the price of gold and a fall in the dollar

News Date: 19/9/2022 01:28:27
 

The dollar fell by about 1% from its highest level in 20 years, this comes when investors assessed some of the risks of large increases in interest rates expected by major central banks during this week : the Federal Reserve (the US central bank) on Wednesday, then the Japan’s bank and the England’s bank the next day, in order to reduce the level of inflation.

 

On the other hand, gold managed to rise, supported by this decline in the dollar, as US gold futures rose 0.2% to reach $1686.50.

 

Oil prices also rose in the beginning of tradings this morning, as fears of a global recession eased, after the dollar fell and concernes about supply ahead of the European Union’s ban on Russian oil in December.

Brent crude futures rose 0.7% to $95.91 a barrel, while US West Texas Intermediate crude rose 0.5% to trade at $85.50 a barrel.

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