GOLD PRICES ARE RISING AND HEADING FOR WEEKLY GAINS

  • 01/10/2022

Gold prices rose during trading on Friday and are on their way to record the first weekly gains after two weeks of decline, as fears of a global economic recession boosted demand for the precious metal as a safe haven.

In preparing remarks to Boise University, San Francisco Federal Reserve President Mary Daly emphasizing the importance of the central bank's avoidance of recession while committed to reducing inflation, saying: “Conditions do not seem to justify a deep recession, nor is it necessary to achieve our goals." .

Investors are awaiting the release of both the personal spending and personal income in the US later today, in order to get more clues about inflation.

Gold futures for December delivery rose 0.72% to $1,680.90 an ounce, at 11:12 AM Mecca time, and the spot delivery price rose 0.69% to $1,672.31 an ounce, up by 1.73% during this week so far.

Silver futures contracts for December delivery increased 2.26% at $19.13 an ounce, and the platinum price for immediate delivery rose 1.12% to $874.38, and the price of palladium rose 1.15% to $2226.65.  

On the other hand, the dollar index - which measures the performance of the US currency against a basket of six major currencies - declined slightly by 0.15% to 111.59 points. 

Related News

Israel PM reaffirms his plan to attack Rafah with ground for ...
  • 12/03/2024
Pakistan ex-PM Imran Khan jailed for 10 years
  • 30/01/2024
ICJ orders Israel to stop genocide acts in Gaza
  • 26/01/2024
Iran bomb blast: More than 100 killed
  • 03/01/2024
Russia-Ukraine war: 14 killed in Russia’s Belgorod in shelli ...
  • 30/12/2023
Russia-Ukraine war: Biggest aerial attack on Ukraine cities
  • 30/12/2023
South Africa launches genocide case against Israel at UN Cou ...
  • 30/12/2023
Pakistan PM declares prohibition on New Year festivities
  • 30/12/2023
Health Ministry of Gaza: 20,057 people dead
  • 22/12/2023
Gaza Health Ministry: Over 15,500 killed in Gaza
  • 09/12/2023
14 dead in a fire at university dormitory in Iraq
  • 08/12/2023
Mount Merapi eruption: 11 hikers dead
  • 04/12/2023