Gold prices up 7.3% in a week
Gold prices experienced a significant increase over the week, soaring by 7.3%, marking the largest weekly gain since the beginning of the year. The price of the ounce reached a high of $4,371. This rise is attributed to weaker US labor market data and expectations of lower interest rate hikes, which led to a decline in the US dollar and US Treasury yields, thereby supporting a rise in gold prices. Additionally, the market reacted to falling oil prices and reduced geopolitical tensions, both of which lessen inflation concerns. Technically, gold managed to break through important resistance levels, with expectations that the upward trend will continue if the dollar remains weak and demand from central banks—who have increased their reserves—persists.
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