Gold prices hit 5-month peak

Gold prices surged to a five-month high today, Dec. 5, lifted by the decline of the US dollar and amid China's easing of its COVID-19 curbs.

Gold futures for February delivery expanded by 0.35% to $1,816 an ounce at 10:00 am Makkah time. In addition, spot prices saw a marginal hike of 0.1% to $1,799.35 per ounce, after jumping earlier to $1808.64 — the highest since early July.

Similarly, silver futures for March delivery gained 0.62% to $23.4 an ounce, with the spot price of platinum also up 0.26% to $1,019.37 per ounce. Further, the spot price of palladium leapt 0.79% to $1,914.45 an ounce.

Chinese authorities accelerated the shift towards restarting the country's economy, as Shanghai and Hangzhou each eased some COVID-19 restrictions after protests against the strict policies.

Data released last week showed that US employers hired more workers than expected in November, besides raising wages, ignoring growing concerns about a potential recession. However, this should not prevent the Fed from slowing the pace of interest rate hikes.