Gold hits near-month high on hopes Fed to end rate hike cycle

Gold prices rose today, Thursday, to their highest level in nearly a month, supported by the decline in the dollar, after US inflation data that boosted hopes that the Federal Reserve will soon stop tightening its monetary policy.

According to “Reuters”, spot gold rose 0.1 percent to $ 1959.79 an ounce by 0241 GMT, its highest level since June 16.

US gold futures also rose 0.1 percent, to $1,964.30

Consumer prices in the United States rose slightly in June and recorded their smallest annual increase in more than two years as inflation continued to decline, but perhaps not fast enough to stop the Federal Reserve from continuing to raise interest rates later this month.

As for other precious metals, spot silver rose 0.3 percent to $24.2163 an ounce, and palladium rose 0.7 percent to $1,292.19.

Platinum rose 0.8 percent to $954.26, after rising three in the previous session.