Gold rises as dollar down amid anticipation of Fed meeting

Gold prices rose today, Friday, supported by the weakness of the dollar, while investors prepared for important inflation data in the United States and the decision of the Federal Reserve (US Central Bank) scheduled next week regarding raising interest rates.

According to Reuters, gold in spot transactions increased 0.2 percent to $1,793.16 an ounce by 0241 GMT, but it has fallen 0.3 percent since the beginning of the week.

US gold futures rose 0.2 percent to $1,804.80

The dollar index fell 0.1 percent. The weakness of the dollar makes gold more attractive to buyers than holders of other currencies

Market participants now expect a 93 percent chance of a 50 basis point rate hike at the Federal Reserve’s December 13-14 policy meeting. Investors will also be awaiting the US Consumer Price Index report for November, which is due on December 13th.

As for other precious metals, silver rose 0.6 percent to $ 23.20, while platinum increased 0.4 percent to $ 1006.91. Palladium lost 0.4 percent, recording $1,918.50, but it is heading for a second consecutive weekly gain.