gold
Gold prices stabilized near the lowest level in a month, Friday, ignoring US inflation data for the past month, which came better than expected, as the precious metal continues its way towards the worst weekly performance in seven weeks, with the continued strength of the dollar and US bond yields.
Spot gold prices rose 0.2 percent to $1,916.53 an ounce by 0727 GMT, but it was trading near its lowest level since July 7, which it touched earlier in the day. US gold futures settled at $1948.80.
Gold recorded gains of 0.8%, Thursday, after data showed that the US consumer price index rose less than expected in July, which increased bets that the US Federal Reserve will likely not raise interest rates again in 2023.
Increases in interest rates usually raise bond yields and thus increase the opportunity cost of holding non-yielding gold.
Gold prices fell by about 1.3 percent this week, while the dollar index and the benchmark ten-year Treasury bond yields are heading for gains for the fourth consecutive week.
As for other precious metals, silver rose in spot transactions by 0.2 percent to $ 22.72 an ounce, and platinum rose 0.6 percent to $ 912.04, however, they are heading to record losses for the fourth consecutive week.
Palladium rose 0.3% to $1,290.43, looking to record its best weekly performance since mid-June.
2023-08-11 09:11:15
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