Gold prices continued to rise for the second day, today, Wednesday, November 15 (2023), despite the rise in the dollar, supported by important data from the US Federal Reserve.
Yesterday, Tuesday, economic data showed that the main consumer price index rose by 3.2% on an annual basis during last October, while data indicated an improvement in the economic activity in China.
These data would motivate the US Federal Reserve to stop the policy of raising interest rates, as part of its strict policy against inflation, which would contribute strongly to raising gold prices, according to what was reviewed by the specialized energy platform.
Gold prices today
By 07:30 a.m. GMT (10:30 a.m. Mecca time), gold futures prices – for delivery in December 2023 – rose by 0.40%, or the equivalent of $7.9, to reach $1,974.40 per ounce.
At the same time, the prices of contracts for immediate delivery of gold rose by 0.29%, or the equivalent of $5.6, to record $1,969.94 per ounce, according to figures seen by the specialized energy platform.
The spot price of silver metal also rose by 0.88% to $23.34 per ounce, while the spot price of platinum fell by about 0.27% at $887.09 per ounce, compared to an increase in the spot price of palladium by 0.37%, to record $1018.86 per ounce.
This coincided with a rise Dollar index – which monitors the performance of the US currency against 6 major currencies – by 0.1%, reaching the level of 104,007 points.
Gold jewelry in an exhibition – photo from Reuters
Gold price analysis
At the end of the week ending November 10, gold prices recorded a decline of more than $32, in addition to recording strong weekly losses exceeding $60, as the price of an ounce fell to $1,937, according to figures monitored by the specialized energy platform.
Ilya Spivak, head of the global macroeconomics department at the financial consulting firm Tastylive, said that gold prices were unable to benefit significantly during the last phase from the sharp decline of the dollar and bonds, as they achieved a modest increase.
It is noteworthy that inflation data in the United States, yesterday, Tuesday, showed that it slowed last October, and that the annual rise in core inflation was the lowest in two years, as the data revealed a slowdown in price growth during the past month to 3.2% on an annual basis, compared to By 3.7% in September 2023.
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2023-11-15 08:17:07
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