Gold rises to the highest level in a week as the...

Gold rises to the highest level in a week as the...
Gold rises to the highest level in a week as the...

Gold prices climbed to a one-week high yesterday evening, with the dollar slipping after a slower-than-expected rise in US inflation led to uncertainty over the timeframe for the Federal Reserve to scale back monetary stimulus.

Spot gold rose 0.6% to $1,804.30 an ounce by 1800 GMT.

And US gold futures rose 0.7% to settle at $1807.10 an ounce.

The core US consumer price index rose 0.1% in August, missing expectations for an increase of 0.3%, which negatively affected the US dollar. It was the smallest increase since February and followed a 0.3% increase in July.

The inflation data may reinforce the view that the US central bank may go slowly in ending economic support measures and keep interest rates low. Gold benefits from low interest rates because it reduces the cost of holding the precious metal, which does not generate returns.

Among other precious metals, the country fell on 5.12% to $ 1980.30 an ounce, its lowest level since July 2020, while platinum fell 1.7% to $ 944.26. Palladium’s losses since the beginning of September have reached about 20%.

Silver rose 0.57% to $23.85 an ounce.

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