Gold prices increase as US dollar slides

10/05/2022 Argaam

Gold prices slightly increased today, May 10, amid uncertainty in the market due to fears of the war in Ukraine, global economic slowdown, and the stagflation.

 

Gold futures for June delivery increased by 0.16% to $1,861.70 per ounce at 10:48 am Makkah time. Spot prices also increased by 0.41% to 1,861.65 per ounce.

 

Silver futures for July delivery increased by 0.73% to 21.98, while spot price for platinum increased by 1.83% to $974.58.

 

Spot price for Palladium increased by 2.38% to $2,147.18.

 

The US dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.15% to 103.59 points.

 

Investors are waiting for the US Consumer Price Index (CPI) for April, which is to be released tomorrow, May 11, and will impact the Federal Reserve monetary policy.

 

Inflation rise is expected to be 8.1% for April, compared to 8.5% in March, which was the highest level since 1981.

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