2023-10-20 11:44:07
Gold prices rose to their highest levels in three months on Friday and are heading for a second consecutive weekly gain with increasing demand boosted by the conflict in the Middle East.
Fitch Solutions said in a note that gold received a boost “with the decline of concerns regarding the US Central Bank raising interest rates once more in 2023.” It is expected that the average price this year will reach $1,950.
High interest increases the opportunity cost of owning gold that does not generate a return.
Change in prices
By 1028 GMT, gold in spot transactions rose 0.5 percent to $1,983.46 per ounce, following reaching its highest levels since July 20. US gold futures increased 0.8 percent to $1,995.70.
Gold rose 2.6 percent this week, and has increased $150 since the beginning of the latest escalation in the conflict in the Middle East.
As for other precious metals, silver rose in spot transactions by 0.7 percent to $23.20 per ounce.
Platinum rose 0.8 percent to $898.05 per ounce, and the two metals are heading for the second weekly increase in a row. But palladium fell 0.8 percent to $1,105.12, on track to record its fourth weekly loss.
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