Gold hits one-week high as inflation fears ease, ounce at 4186.04 dollars
Gold prices climbed to a one-week high as inflation concerns eased and US Treasury yields came under pressure from falling oil prices.
Gold prices surged to a one-week high, reaching $4186.04 per ounce, as investors grew less concerned about inflation and US Treasury yields faced downward pressure due to falling oil prices. The surge in gold prices is attributed to anticipation that the US Federal Reserve may raise interest rates once more, according to Reuters reports.
Spot gold experienced a 1.3 percent increase, while US gold futures for December delivery rose by 1.3 percent to $4211.20 per ounce. Meanwhile, oil prices experienced a decline as supply concerns in the Middle East lessened following US President Donald Trump's assurance that the U.S. would not initiate an attack on Iran before the November congressional midterm elections.
In other related news, silver prices climbed by 3 percent to $61.10 per ounce, while platinum and palladium saw gains of 3.6 percent and 2.5 percent, respectively, with both metals poised for weekly losses.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
