Gold scales 2-week high on US monetary easing prospects

Gold bars

Gold prices climbed to their highest level in two weeks today, June 20, as investors await the release of the weekly US jobless claims data, amid signs of a slowing labor market that bolstered optimism about the imminent end of the monetary tightening cycle.

Futures prices for the yellow metal for August delivery rose 0.42%, or $9.8, to $2,356.70 per ounce at 09:17 am KSA time.

Spot gold prices added 0.61% to $2,342.37 per ounce, after earlier in the session reaching its highest level since June 7.

Silver prices for July delivery, the most active, climbed by 2.79% to $30.39 per ounce, while spot platinum prices increased by 0.41% to $984.85 per ounce.

Analysts expect a slight decline in the number of weekly US jobless claims by 2,000 to 240,000, after hitting its highest level in 10 months last week.