Gold Ounce Price Rises to $4189.61
Gold prices rise supported by investor optimism.
SUMMARY
Gold prices rise amid expectations of U.S. interest rate cuts.
KEY HIGHLIGHTS
- Gold hits its highest level since November 14.
- Monthly gains of 3.9 percent.
- Silver and platinum achieve weekly gains.
CORE SUBJECT
Gold Prices
Gold prices rose on Friday, on track to record gains for the fourth consecutive month, supported by investor optimism regarding a potential cut in U.S. interest rates next month. By 03:03 GMT, gold in spot transactions increased by 0.8 percent to $4189.61 per ounce, marking its highest level since November 14 and heading towards weekly gains of three percent and monthly gains of 3.9 percent. U.S. gold futures for December delivery rose by 0.5 percent to $4221.30 per ounce.
As for other precious metals, silver in spot transactions jumped by 1.4 percent to $54.18 per ounce. Platinum rose by 1.7 percent to $1634.82, with both gaining 7.4 percent over the week.
Meanwhile, palladium lost 0.6 percent to $1428.62 per ounce but is heading towards weekly gains of four percent.