Gold prices up, but records quarterly losses of about 7.5%‎

Gold prices rose at the close of trading on Friday the 30th of September, recording weekly gains, as it ignored concerns about inflation in Europe and the United States, coinciding with the losses of the American stock market.

The metal recorded its sixth monthly decline in a row

At settlement of trading on Friday, gold futures rose by 0.2% to $1,672 an ounce, recording a weekly gain of about 1%.

On the basis of the monthly performance of the metal, it fell by 3.1%, recording losses for the sixth consecutive month, while it decreased by 7.5% on a quarterly basis.

The yellow metal ignored inflation data in the euro area, which showed today that it rose to 10% in September, the highest level ever

Meanwhile, inflation data in Germany showed yesterday that it rose to 10% on an annual basis in September, the highest level since 1951.

These data stimulate central banks to continue the monetary tightening policy in order to curb inflation.