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. 

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