Gold prices rise 1%

Gold has bounced off a one-year low after gaining more than 1% as the dollar eased and persistent economic concerns boosted bullion's safe-haven appeal, Report informs referring to Reuters.

Spot gold was up 1% at $1,712.61 per ounce, after hitting its lowest since March 2021 at $1,680.25.

US gold futures rose 0.6% to $1,711.00.

Helping gold’s uptick, the euro jumped against the dollar before paring gains. The European Central Bank raised interest rates by more than expected as inflation concerns trumped growth considerations, even as the euro zone economy reels from the Ukraine crisis.

Silver rose 0.7% to $18.78 per ounce, platinum gained 2% to $874.98, while palladium was up 1% at $1,880.48.

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Gold prices on September 27 morning rose slightly, while remaining below $1,640 per troy ounce, Report informs.

On September 26, gold prices fell to their lowest since the outset of April 2020.

December futures for gold on the New York Comex exchange rose by $5.25, or 0.32%, to $1,638.65 per troy ounce. On September 26, the price was $1,628.3, the lowest since early April 2020. December silver futures rose 0.09% to $18.497 an ounce.

September 26 saw the marked volatility in the markets as stock markets tumbled, gold, oil and copper prices fell, while the dollar strengthened and the pound against the dollar fell to historic lows. Investors were concerned about the risks of a possible recession against the backdrop of the policy of the world’s central banks, which are raising rates to fight inflation.