Gold prices are rising in trading on Friday, continuing to rise after rising to the highest since August the day before.
Market is supported by hopes for a possible slowdown in the pace of tightening of monetary policy by the U.S. Federal Reserve (Fed) in December, which put pressure on the dynamics of the dollar, writes MarketWatch.
Prices of December contracts for gold on the New York Mercantile Exchange (NYMEX) rose by 0.46% to $ 1761.7 per troy ounce by 16:39 kcd. Gold is near its highest level since August.
The ICE U.S. Dollar index, which tracks the dollar’s performance against six major world currencies, is down about 1% in trading. The day before it was down 2 percent.
As it became known on Thursday, consumer prices (CPI) in the United States rose by 7.7% in October against the same month last year after an increase of 8.2% in September. Thus, inflation slowed to its lowest since January and was well below market forecasts.
The data may affect the policy of the U.S. Federal Reserve (Fed), which is aggressively raising interest rates in an attempt to curb inflation.
At the same time, prices for other precious metals showed no unified dynamics on Friday.
Silver for December delivery was down 1 percent at $21.5 an ounce.
Palladium prices rose 2.7% to $2007.5 an ounce and platinum fell 0.5% to $1049.3 an ounce.
