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Gold prices approached levels of $1800 an ounce Monday, October 25th, which is considered an important level for investors, influenced by the dollar’s decline, and investors were preoccupied with assessing the possible response of the US Federal Reserve to inflationary pressures after its Chairman said that inflation may continue for longer than expected.
Spot gold rose 0.3% to $1,797.81 an ounce by 07:12 GMT, and US gold futures rose 0.1% to $1,797.20.
On Friday, the yellow metal rose to its highest level since early September before giving up some gains on the back of Fed Chairman Jerome Powell saying that the Fed should start reducing its asset purchases.
On the other hand, silver rose in spot transactions 0.5% to $ 24.43 an ounce, platinum rose 0.2% to $ 1042.23, and palladium increased 0.6 percent to $ 2033.21.
