Gold prices rally thanks to increased demand

23/11/2023 Argaam


Gold prices rallied today, Nov. 23, lifted by increased demand for the yellow metal in light of the decline in the US dollar and bond yields.

 

Bullion for December delivery added 0.27% to $1,998.20 an ounce at 10:40 am Makkah time, trimming losses of the previous session which amounted to 0.45%. In addition, spot prices increased 0.41% to $1,998.35 per ounce.

 

Similarly, silver contracts for December delivery surged 0.33% to $23.76 an ounce, with platinum spot prices also up 0.52% to $930.88 per ounce.

 

"The anticipation of this effective pivot towards interest rate hike cycle peak is translating to ongoing softness in the US dollar and the longer-dated US yield which will support gold prices, at least in the short term," Reuters reported Kelvin Wong, senior market analyst for Asia Pacific at OANDA, as saying.

 

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, dropped 0.28% to 103.63 points.

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