Gold prices rise, head for biggest weekly gains since mid-May

Gold prices rose today, July 15, heading for their biggest weekly gains since mid-May, amid worries on US economy.

The Federal Reserve hiked this week the interest rate 75 basis points to reach 2.5%, the highest rate since June 2019. This aims to curb the US inflation that accelerated to its highest level in 41 years.

Gold futures for August delivery rose 0.74% to $1,763.40 an ounce at 11:04 am Makkah time. Meanwhile, spot prices edged up 0.40% to $1,763.07 an ounce.

Meanwhile, silver futures for September delivery increased 1.19% to $20.10 per ounce, and spot prices of platinum was up 0.78% to $895.50. Palladium prices rose 0.24% to $2,072.20.

The dollar index, which measures the performance of the US currency against a basket of six major currencies, fell 0.31% to 105.36 points.