Gold prices jump to 3-week high

Gold prices rose to their highest level in three weeks today, Oct. 4, supported by a weaker US dollar and lower Treasury yields.

Gold futures for December delivery gained 0.8% to $1,715.80 an ounce at 11:38 am Makkah time. Spot prices also advanced 0.44% to $1,707.25 per ounce.

Likewise, silver futures for December delivery surged 1.9% to $20.98 an ounce. The spot price of platinum increased 0.43% to $906.38 per ounce, with the spot price of palladium also up 2.23% to $2,269.46 an ounce.

Meanwhile, the main dollar index, which measures the performance of the US currency against a basket of six currencies, tumbled 0.39% to 111.22 points.

In a recent report, Moody's predicted that the number of businesses that will face reduced earnings and fail to repay their debts on time will triple next year should interest rates continue to rise and the global economic slowdown intensifies.

However, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva told Reuters that a global economic recession can be avoided by introducing fiscal policies to governments in line with the tightening of monetary policy by central banks.