New york: Gold prices rose by more than 2% Wednesday following weaker-than-expected jobs data and remarks by Chairman of the US Federal Reserve Kevin Warsh in which he indicated a decline in inflation risks. Gold in spot transactions rose by 2.1%, reaching USD 4,089.49 per ounce, after having recorded its lowest level since last November in the previous session, and posting a quarterly loss on Tuesday. US gold futures for August delivery rose by 1.6%, reaching USD 4,103.10 per ounce.
According to Qatar News Agency, the rise in gold prices came as a response to the remarks from the Federal Reserve and the latest jobs data. The increase in gold prices was mirrored in other precious metals. Silver in spot transactions rose by 2.8% to USD 60.24 per ounce. Platinum saw an increase of 1.6%, reaching USD 1,223.68, while palladium rose by 3.1% to USD 1,599.36, after having earlier in the session touched its lowest level since November.
The movement in the precious metals market followed the Federal Reserve's latest commentary, which eased investor concerns about inflation risks. The remarks by Kevin Warsh suggested a shift in the economic outlook, influencing both the gold market and broader investor sentiment.