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Gold prices rose on Friday, as US consumer prices rose in November, while boosting the precious metal’s allure for an inflation hedge, despite expectations that inflation data may prompt the Federal Reserve to reduce its bond purchases at a faster pace.
And gold rose in spot transactions 0.5% to $ 1783.91 an ounce (an ounce) during trading, and US gold futures increased 0.6 percent to $ 1786.90.
Although gold is considered a hedge against inflation, lowering stimulus and raising interest rates usually lead to higher government bond yields, raising the opportunity cost of holding the non-yielding yellow metal.
All eyes now turn to the Federal Reserve’s December 14-15 meeting.
Spot silver rose 0.9% to $22.12 an ounce.
Platinum increased 0.7% to $941.37, heading towards achieving the first weekly increase in 4 weeks. Palladium fell 2.7% to $1,763.07.
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