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.

Google Newsstand

Follow our latest local and sports news and the latest political and economic developments via Google news

Share

Print

Twitter
LinkedIn
Pin Interest
Whats App

These were the details of the news Gold rises to the highest level in a week as the... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Seawater Desalination Equipment Market Production and Sales Consumption Status and Prospects...
NEXT Renewable energies.. Will it become an alternative to traditional in Syria?

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]