Gold prices rose more than 1% today, Monday, in the highest rise in more than a week, due to the decline in the dollar and US Treasury bond yields, while silver jumped due to strong demand for it, heading for its highest daily gain since February 2021.
Spot gold rose 1.7% to $1,687.99 an ounce, its highest since September 22nd.
US gold futures rose 1.5 percent to $1,696.70.
Silver jumped 7.6% to $20.44 an ounce.
The dollar index, which measures the performance of the US currency against 6 major currencies, fell, making the dollar-denominated gold price less expensive for overseas buyers. The US 10-year Treasury yields also fell to the lowest level in a week, which also supported gold demand.
As for other precious metals, the price of palladium jumped 4.2% to $ 2248.15, and platinum 4.5% to $ 897.49 an ounce.
Oil is rising
Crude oil prices jumped by about $4 as OPEC+ considers cutting production by more than 1 million barrels per day to support prices, which would be the biggest cut since the Corona pandemic.
And the price of US oil futures contracts during Monday’s trading reached $82 a barrel.
Crude prices have fallen for four consecutive months since June after the COVID-19 shutdown in China (the largest energy consumer) hurt demand, while higher interest rates and a stronger US dollar affected global financial markets.