Gold prices slightly higher, set for weekly losses

Gold prices rose slightly today, Nov. 18, driven by the decline in the US dollar. However, they are heading for the first weekly losses after two consecutive weeks of gains.

The precious metal is set to show the best weekly performance in a month, thanks to hawkish rhetoric from the Federal Reserve officials and strong retail sales that curbed the slide resulted from the slowing inflation signs last week.

Financial market experts expect an 87% possibility of a 50-basis point (bp) rate hike at the Fed's December meeting, after four consecutive hikes of 75 bp.

Fitch Solutions stated that gold is still supported by increasing recession risks and the Russian-Ukraine war, as well as the US dollar that is approaching its peak, Reuters reported.

Gold futures for December delivery rose by 0.16% to $1,765.90 an ounce at 10:02 am Makkah time. Spot prices also increased by 0.27% to $1,765.40 an ounce.

Silver futures for December delivery were up 0.79% to $21.14 per ounce, while spot prices for platinum gained 0.26% to $980.01. Palladium prices lost 0.22% to $2003.16.

Meanwhile, the dollar index, which measures the performance of the US currency against a basket of six major currencies, fell 0.22% to 106.45 points.