© Reuters. An employee in Kazakhstan deposits gold bars at the country’s National Bank in Almaty, in this photo from Reuters archive
(Reuters) – It rose to its highest level in more than nine months on Friday, and settled above the level of 1900 an ounce, after slowing inflation in the United States revived hopes for a slow pace of the Federal Reserve (the US central bank) raising interest rates. .
It rose 1.1 percent to $1918.09 an ounce by 1812 GMT.
Gold has gained 2.8 percent so far this week, heading for a fourth consecutive week of gains.
US gold futures rose 1.1 percent to $1,920.10.
Data on Thursday showed US consumer prices fell for the first time in more than two-and-a-half years in December.
Following the data, members of the Federal Reserve expressed relief that inflation continued to ease in December, paving the way for a rate cut to 25 basis points at the February monetary policy meeting.
Prices rose 2 percent to $24.25 an ounce.
Platinum fell 0.6% to $1,061.62, while it fell 0.9% to $1,775.50, after declining earlier to $1,727, with the two metals heading for a weekly decline.
(Prepared by Ali Khafaji, Rehab Alaa and Muhammad Harfoush for the Arabic Bulletin – Edited by Mahmoud Abdel-Gawad)
