Gold prices rose today, supported by the decline in the dollar and US bond yields, as investors expect a slowdown in the pace of raising interest rates from the Federal Reserve (the Emiri Central Bank) in its monetary policy meeting next week, according to Archyde.com.
And gold in instant transactions rose 0.7 percent to $ 1783.98 an ounce. US gold futures rose 0.5 percent to $1,790.60.
The dollar fell 0.4 percent against its rivals, making bullion less expensive for buyers abroad. The benchmark US Treasury bond yields for ten years fell to the lowest level in three months.
Market participants widely expect the Federal Reserve to increase interest rates by 50 basis points at its last meeting of 2022, scheduled for December 13-14.
Increasing interest rates aimed at combating inflation is often intended to increase the opportunity cost of owning gold, which does not yield any interest.
CPI data for the month of November in the US is also being awaited which is due to be published next week.
But uncertainty surrounds the future of bullion due to strong US economic data recently, which has led to fears that the Federal Reserve may increase interest rates more than recently expected.
As for other precious metals, silver rose in spot transactions by 2.1 percent, to $ 22.62 an ounce.
Platinum rose 2.3 percent to $1,011.65 an ounce, and palladium rose 0.7 percent to $1,862.25.