5/23, 11:03 AM (Source: TeleTrader)
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Gold price up on dollar's decline, Biden's remarks

Prices of precious metals rose on Monday as the United States dollar continued to decrease after last week's data reports sparked concerns about further US economic growth. In theory, gold benefits from a weaker dollar as the demand for the yellow metal in other currencies increases. In addition, gold's appeal as a safe haven asset was possibly boosted by US President Joe Biden's comments that Washington will intervene "militarily" in the Taiwan dispute if necessary.

Gold rose by 0.88% to $1,861.62 per ounce at 5:00 am ET. Silver increased by 1.62% to sell for $22.11 per ounce at the same time. Platinum gained 1.68% to change hands for $973.28 per ounce at 5:00 am ET. Palladium went up 3.29% to $2,026.60 per ounce a minute later.

The euro advanced 0.80% against the dollar, going for 1.06475 at 5:01 am ET, while the British pound grew 0.60% against the greenback, trading at 1.25671 at 5:02 am ET.

Baha Breaking News (BBN) / MS