Gold rises today after a series of negative data in the United States

Gold prices witnessed a clear rise during Thursday’s trading, as the yellow metal contracts received significant support from the negative data issued in the United States during the past two days, which put pressure on the dollar and bond yields.

Gold now

In terms of trading, spot gold contracts rose by 32% to $1,964.91 per ounce, and the prices of gold futures contracts for December delivery also rose by 0.19% to $1,966.90 per ounce..

As for metals other than gold today, the prices of spot silver contracts rose by 0.70% to reach $23.61 per ounce, and spot platinum contracts also rose by about 0.08% to reach $900.23 per ounce, while spot palladium contracts settled at $1,031.26 per ounce.

The most important factors affecting gold movements

Gold prices rose significantly as investors increasingly bet that the US Federal Reserve will not raise interest rates at its next meeting in December, with some speculating that the central bank may have reached peak interest rates, after the recent slowdown in inflation data, which has reinforced expectations that the Federal Reserve may… He is just waiting for the delayed effects of previous rate hike decisions to bring inflation back to the 2% target.

The data issued the day before yesterday was; Tuesday showed that consumer price indicators in the United States had slowed beyond market expectations, as the general inflation index fell back to the level of 3.2%, and core inflation fell to 4%, which raised hopes about the monetary tightening cycle approaching its end, especially with Energy price pressures ease.

This is as data released yesterday showed that retail sales in the United States in October contracted for the first time since last March, and the producer price index also declined during October to record 0.0% and witnessed the largest decline in three and a half years, which pushed Treasury bond yields to fall significantly, It pushed investors towards owning gold as a safe haven, especially amid the dollar being exposed to clear pressures that greatly limited its profits.

Investors are now awaiting the release of data on unemployment claims for last week and US industrial production data for October later today, and it is expected that these data will have a clear impact on the movements of the dollar and gold.