The value of precious metals worldwide experienced a significant increase due to the decline of the US dollar. The US Dollar Index dropped by 0.75% to almost 103 points, resulting in gold becoming more attractive. The market is currently keeping an eye on the upcoming monetary policy meeting of the US Federal Reserve (Fed) next week, with most predicting that the rate tightening cycle will come to a halt.
During times of financial instability, investors often turn to gold to diversify their portfolios. Furthermore, gold's status as a safe-haven asset in times of geopolitical turbulence will further drive up its value.