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Gold is at its highest level in 4 weeks

Adel 13 July, 2023 2:12 pm General

Gold prices rose on Thursday to their highest level in nearly a month, supported by the decline in the dollar after US inflation data, which raised hopes that the Federal Reserve would soon stop tightening its monetary policy.

Spot gold rose 0.2 percent to $1,959.94 an ounce by 0918 GMT, its highest since June 16.

US gold futures rose 0.1 percent to $1,964.40.

Consumer prices in the United States rose slightly in June and recorded their smallest annual increase in more than two years as inflation continued to decline.

As for other precious metals, spot silver rose 0.3 percent to $24.22 an ounce, and palladium rose 1.1 percent to $1,296.25.

Platinum jumped 1.4 percent to $960.04.

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