Gold prices rise on Friday, set for weekly losses

Gold prices rose today, Dec. 16, driven by the central banks' plans to tighten their monetary policies and raise interest rates.

During the week, the Federal Reserve, European Central Bank, Bank of England, and Swiss National Bank announced an additional 50-basis point interest rate hike, as they seek to fight inflation rates.

Jeremy Siegel, a professor at Wharton College, expects the Federal Reserve to cut interest rates in 2023, adding that the central bank contradicts itself as it focuses on crushing wages that are spiking due to supply-side issues, CNBC reported.

Gold futures for February delivery rose by 0.23% to $1,791.30 an ounce at 10:30 am Makkah time. Spot prices also increased by 0.23% to $1,780.96 an ounce, but declined 0.90% so far in the week.

Silver futures for March delivery were down 0.36% to $23.22 per ounce, while spot prices for platinum lost 0.54% to $1,000.75. Palladium prices decreased 1.06% to $1,810.28.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, fell 0.24% to 104.35 points.