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Gold Climbs Over 1% on Dollar Drop
Gold prices rose by more than 1% during Friday’s trading session, supported by a decline in the US dollar and falling oil prices, as investors awaited the trajectory of US interest rates and remained concerned about ongoing inflationary pressures. The spot gold price increased by 1.4% to $4,190.57 an ounce, while December gold futures surpassed $4,200, positioning gold to achieve weekly gains after hitting a two-month low on Wednesday. This rise comes amid a weakening dollar and delayed expectations of a US interest rate hike, with the market closely monitoring economic data and the Federal Reserve's stance. The Fed raised interest rates in September and is considering additional increases, with a potential rate hike expected in December. Other precious metals also saw notable gains: silver rose by 1.5% to $60.22, platinum increased by 2.7% to $1,677.80, and palladium surged by 3.3% to $1,159.70, driven by dollar weakness and expectations of lower chances for rate hikes.
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