Wednesday, July 17, 2024

Gold prices rose for a second day despite US economic data

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Gold prices continued to rise for the second straight day today, Wednesday, November 15 (2023), even as the dollar rallied on support from key data from the US Federal Reserve Bank.

Yesterday, Tuesday, economic data showed that the core consumer price index rose 3.2% year-on-year in October.

These data will encourage the US Federal Reserve to stop raising interest rates as part of its tough policy against inflation, which will strongly contribute to the rise in gold prices, according to a review by the Special Energy Platform.

Gold price today

At 07:30 a.m. GMT (10:30 a.m. Mecca time), gold futures – for delivery in December 2023 – rose 0.40%, or the equivalent of $7.9, to $1,974.40 an ounce.

At the same time, prices of contracts for the immediate delivery of gold rose by 0.29%, or the equivalent of $5.6, to register at $1,969.94 an ounce, according to data seen by the specialized energy site.

The spot price of silver also rose 0.88% to $23.34 an ounce, while the spot price of platinum was down about 0.27% to $887.09 an ounce and the spot price of palladium was up 0.37% to $1018.86 an ounce.

It coincided with the rise Dollar symbol – It tracks the performance of the US currency against 6 major currencies – up 0.1%, reaching 104,007 points.

Gold jewelry at an exhibition – Photo from Reuters

Gold Price Analysis

By the end of the week ended November 10, gold prices recorded a decline of more than $32, and the price of an ounce fell to $1,937 as the price fell to $1,937.

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Ilya Spivak, head of global macroeconomics at financial advisory firm Tastylive, said gold prices have not benefited significantly of late from sharp declines in the dollar and bonds.

US inflation data yesterday, Tuesday, showed a slowdown in price growth last month, with the annual rise in core inflation falling to the lowest level in October and the slowest in two years. 3.2% on an annual basis, compared to 3.7% in September 2023.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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