Gold prices rose when settling today’s trading, to record weekly gains for the fourth consecutive week, with the announcement of US inflation data and the expectation of raising interest rates at a lower pace than before.
The prices of US imports fell for the first time in 7 months, by 1.4% during the month of July, driven by the decline in the costs of fuel and non-oil products, according to official data released today.
Annual inflation in the US has slowed, dampening expectations of a rate hike by the Federal Reserve, and pushing Treasury yields lower.
And gold futures contracts for December delivery rose 0.5% to $ 1815.50 an ounce, recording a weekly gain of 1.3% in the longest period of weekly gains since December 2021.
