Gold prices hit 4-week high

Gold prices rose on Thursday, after Federal Reserve Chairman Jerome Powell announced plans to continue to support the economy.

Spot gold rose 0.23% to reach $1,831.76 per ounce, the highest level since June 16.

Gold futures contracts for August delivery rose 0.44%, or $8, to reach $1,833.8 per ounce, by 10:55am Makkah time.

Elsewhere, silver futures for September delivery rose 0.74% to reach $26.47 per ounce, palladium declined 0.16% to reach $2,820.64 per ounce, and platinum rose to $1,141.39 per ounce.

Government stimulus measures tend to raise the price of gold, which some see as a buffer against inflation.