Gold prices rebound as US dollar softens

13/12/2022 Argaam

Gold prices are back in the green today, Dec. 13, amid a decline in the US dollar, in light of the state of caution prevailing in the markets ahead of the release of Consumer Price Index (CPI) data later in the day.

 

Gold futures for February delivery gained 0.37% to $1,798.90 an ounce at 10:37 am Makkah time, with spot prices also up 0.35% to $1,787.65 per ounce.

 

Similarly, silver futures advanced 1.35% to $23.72 an ounce, in tandem with a 0.65% hike in the spot price of platinum to $1,010.71 per ounce.

 

Further, the spot price of palladium surged 0.95% to $1,905.63 an ounce.

 

Financial markets expect the forthcoming CPI data to be as positive as last week's Producer Price Index (PPI) reading.

 

Goldman Sachs forecasted gold to outperform the highly-volatile Bitcoin cryptocurrency in the long term, in light of real demand drivers, Reuters reported.

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