rose gold pricesToday, Friday, supported by a decline in the dollar, and heading for small weekly gains, despite continuing concerns that the Federal Reserve (the US central bank) will continue the path of severe interest rate hikes, which affected sentiment.
Spot gold rose 0.7% to $1,719.19 an ounce, according to “Archyde.com”.
During the week, prices rose 0.5%, following three consecutive weekly declines.
US gold futures rose 0.6% to $1,729.70.
The dollar index fell 0.7%, following touching its lowest level in one week, making gold priced in dollars less expensive for holders of other currencies.
The US central bank is expected to raise interest rates by another 75 basis points on September 21.
Higher interest rates increase the opportunity cost of holding the non-yielding yellow metal and support the dollar.
The European Central Bank raised key interest rates by 75 basis points on Thursday.
As for other precious metals, silver rose in spot transactions by 1.11% to $18.7763 per ounce, and increased by 4% during the week.
Platinum rose 0.2% to $881.16, and is heading for the biggest weekly gain since June.
As for palladium, it fell 1.2% to $ 2112.78, but it is heading to record its first weekly gain in four weeks.
