Gold heads for third week of gains

Gold prices are heading for a third consecutive week of gains on Friday after data showing a slowdown in inflation reinforced bets on lowering interest rates in the United States, while traders await comments from Federal Reserve Chairman Jerome Powell later in the day. Friday…

According to Reuters, gold in spot transactions rose 0.2% to $2,039.42 per ounce by 0427 GMT, after recording a rise of more than $60 in November, the second monthly increase in a row. .

US gold futures for February delivery also rose 0.1% to $2,059.00.

Data on Thursday showed that US consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than two and a half years.

The decline in inflationary pressures and the decline in labor market strength paves the way for an end to the cycle of raising interest rates and also enhances the possibility of lowering interest rates in the coming months.

Lower interest rates reduce the opportunity cost of owning non-yielding bullion

As for other precious metals, silver rose in spot transactions 0.2% to $25.29 per ounce, platinum fell 0.1% to $925.67, and palladium increased 0.6% to $1013.52 per ounce.