Gold prices hit highest level since early September

Gold prices rose marginally today, Nov. 8, in conjunction with the weakness of the US dollar, after the House of Representatives passed a trillion-dollar infrastructure bill.

Over the weekend, 228 members of the House of Representatives voted in favor of the infrastructure bill, compared to 206 members who rejected the proposal, after the Senate approved it earlier.

The demand for gold increased as one of the safe havens that investors resort to hedge against market fluctuations, especially with the increase in COVID-19 cases in China and the imposition of new closure restrictions by the authorities, and the continued rise in global inflationary pressures.

Despite the absence of important economic data in the United States today, the markets are awaiting the release of Federal Reserve Governor, Jerome Powell's, statements to determine the most important developments and economic expectations.

Gold futures contracts for December delivery rose slightly by 0.1% to reach $1,818.7 per ounce at 09:48 am Makkah time – the highest level since Sept. 7. Spot price for the yellow metal fell marginally by 0.1% to reach $1,816.5 per ounce.

Elsewhere, silver futures for December delivery rose 0.6% to reach $24.30 an ounce. Spot price for platinum delivery rose 0.5% to reach $1,041.6, while palladium gained 0.1% to reach $2,041.9 per ounce.