Gold prices surge over 3% after surprise US liquidity move
Gold jumped more than 3% to a two-and-a-half-month high after the US Treasury announced unexpected liquidity support measures.
Key Takeaways
AIGold prices soared more than 3% during Wednesday trading in Singapore, reaching their highest level in over two and a half months following a surprise announcement from the US Treasury Department regarding liquidity support.
The announcement led to a decline in US bond yields and the dollar, ahead of the release of the US Federal Reserve’s July meeting minutes.
Spot gold rose 3.5% to $4,486.88 per ounce, after earlier hitting $4,491.16—the highest since June 4.
US gold futures climbed 2.8% to $4,546.10 per ounce.
Other precious metals also rise
Meanwhile, spot silver gained 3.69% to $65.64 per ounce, platinum advanced nearly 4% to $1,779.89, and palladium rose 2.8% to $1,326.13 per ounce.