Gold rose to an 8-month high as investors awaited inflation data
January 11, 2023, 01:23 pm
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New York – Qena
Gold rose to its highest level in eight months today, supported by the dollar’s decline, but it is still moving in a relatively narrow range as investors await inflation data that may affect the Federal Reserve (US Central Bank) raising interest rates.
Spot gold prices rose 0.3 percent, the highest since May 2022.
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US gold futures rose 0.6 percent to $1,887.60 an ounce.
The dollar index fell 0.1 percent, making the dollar-denominated metal cheaper for buyers abroad.
US benchmark 10-year bond yields also fell.
As for other precious metals, silver increased in spot transactions 1.2 percent to $ 23.89 an ounce, and platinum rose 0.7 percent to $ 1088.00 an ounce. Palladium fell 0.4 percent to $1,773.88 an ounce.
