Gold prices rise to the peak of August - Economist

Gold prices rose at the end of the week due to the dollar's decline against most of the major currencies, to record the "precious metal" strong weekly gains.

This rise of gold is considered its best weekly performance since at least July 2020, after signs of a slowdown in the inflation rate in the United States of America, which reinforced speculations that the US Federal Reserve may reduce the pace of interest rate hikes.

The price of gold in spot contracts increased by 0.7%, which reached $ 1766 an ounce, after recording the highest level since mid-August earlier in the session, and gold prices in US contracts rose by 0.9%, which Its price reached $1,769 per ounce.

We find that gold achieved gains this week by 5.5%, as the data of the consumer price inflation index yesterday showed a rise less than expected in October, recording a reading below 8% for the first time in 8 months.

In the same context, silver fell by 0.3% and reached $21.52 an ounce, while platinum metal settled at $1032.6 an ounce, while palladium jumped by 3.3% to $2029 an ounce.