© Archyde.com. Gold bars in a photo from the Archyde.com archive.
(Archyde.com) – They rose on Friday, ahead of a long weekend, as data showed a slowdown in U.S. inflation, albeit woefully insufficient to prompt the Federal Reserve to slow the pace of interest rate hikes.
The price rose 0.2 percent to 1796.53 an ounce by 1922 GMT, and US gold futures rose 0.5 percent to $ 1804.2.
Gold rose regarding 0.2 percent during the week, its best performance in three weeks.
US consumer spending rose 0.1% in November following rising 0.4% in October, while inflation slowed further.
Gold prices fell more than 1% on Thursday following US gross domestic product data showed a faster recovery than previously estimated, which might make the Federal Reserve more keen to tackle inflation.
Gold prices are heading down for the second year in a row, by regarding 2 percent.
The spot price rose 0.6 percent to $23.70 an ounce, platinum jumped 4.3 percent to $1019.72, and rose 3.6 percent to $1741.75. The three metals are heading towards achieving weekly gains.
(Prepared by Muhammad Attia and Muhammad Harfush for the Arabic Bulletin – Edited by Mustafa Saleh)