Gold prices recorded their first weekly gains in three weeks, amid increasing investor bets that the US Federal Reserve has reached the end of its monetary tightening cycle, putting pressure on the dollar and Treasury bond yields.
Price movements
Prices of the yellow metal rose by 2.09 percent to reach $1,980.82 per ounce.
In Friday trading, gold rose in spot transactions by 0.4 percent, after recording its highest levels since November 3 at $1,993.29.
Market traders expect interest rates to be lowered by next May after data indicated a slowdown in inflation.
Recently published data showed that the consumer price index in the United States remained unchanged in October, and that the core rate rose 0.2 percent, which is less than expected, while producer prices witnessed the largest decline in three and a half years.
Low interest rates reduce the opportunity cost of owning gold, which does not generate returns and is used as a hedge against inflation.
2023-11-18 09:18:40
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