Global gold prices witnessed, during today’s trading, Friday, November 25, 2022, a state of rise, supported by the decline in the price of the dollar.
Gold prices rose in spot trading by 0.3% to $1,755.15 an ounce by 9:24 am Cairo time, following rising by 0.6% over the past week, and US gold futures rose 0.9% to $1,760.40.
Jigar Trivedi, analyst at Reliance Securities, said gold might rebound to $1,790-1,820 by the end of December, driven by safe-haven demand and dollar weakness amid a dovish Fed.
The majority of traders expect a 50 basis point rate hike at the Fed’s December meeting.
But the December meeting will be a “black box” event due to the divergence in expectations before and following cooler-than-expected US inflation data, leaving gold sensitive to upcoming data as buyers seek greater conviction that the outlook for a current rate hike is good.
Higher rates have kept gold’s traditional status as a safe haven amid inflation and other uncertainties this year, translating into a higher opportunity cost of holding the unpaid asset.
In terms of other metals, silver prices fell 0.2% to $21.46, but rose by 2.7% during the week. Platinum rose 0.7% to $994.38, and palladium rose 0.4% to $1,887.50.
