Gold prices rise to more than 1-week high

Gold prices rose today, Feb. 7, to the highest level in more than a week, as inflationary pressures due to the rise in oil prices mitigated the impact of the increase in the yield on US Treasury bonds.

All eyes are on the US inflation report for January due later this week, after it rose to a 40-year high in December.

In a separate context, European Central Bank (ECB) member Klaas Knot, told Bloomberg, that he expects a rate hike in the last quarter of 2022.

Gold futures contracts for April delivery rose by 0.23% to reach $1,812 per ounce at 10:50am Makkah time. Spot price for the yellow metal gained 0.32% to reach $1,814.08 per ounce.

Elsewhere, silver futures for March delivery rose 1.31% to reach $22.77 an ounce. Spot price for platinum delivery increased 0.18% to reach $1,029.99, while palladium gained 0.57% to reach $2,307.17 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 95.516 points.