Gold rises amid inflation fears


Gold prices rose as concerns about inflation prompted investors to seek safety in the precious metal, ignoring the strength of the dollar, which was fueled by bets on early interest rate hikes from the US Federal Reserve.

And gold rose in spot transactions 0.92 percent to $ 1866.90 an ounce by 1835 GMT. The yellow metal fell in the previous two sessions, after a series of gains that lasted for seven sessions.

And US gold futures rose 0.84 percent to $ 1869.60 an ounce.

“The primary support for gold and silver remains the inflationary pressures that we still see in the market,” said David Meijer, director of metals trading at High Ridge Futures.

The US dollar index, which competes with gold as a safe store of value, touched its highest level since July 2020, buoyed by better-than-expected US retail sales data.

Among other precious metals, silver rose one percent to $ 25.05 an ounce, while platinum fell 0.14 percent to $ 1059.60. Palladium rose 1.2 percent to $2,184.60.

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