Gold prices continue to rise above $1,850 level

Gold prices continued to rise today, Nov. 11, with market sentiment waning after US inflation hit a 31-year high due to higher energy prices and a supply chain crisis.

This came after the US Department of Labor announced that the Consumer Price Index - which measures what consumers pay for goods and services - rose by 6.2% during October on an annual basis, recording the fastest pace of rise since 1990.

Inflation continues to rise above 5% for the fifth consecutive month.

Gold futures contracts for December delivery rose by 0.4% to reach $1,855.6 per ounce at 10:19 am Makkah time, after achieving yesterday its highest level since June 16. Spot price for the yellow metal rose 0.2% to reach $1,853.5 per ounce.

Elsewhere, silver futures for December delivery rose 0.2% to reach $24.97 an ounce. Spot price for platinum delivery rose 1.3% to reach $1,048.1, while palladium increased 0.6% to reach $2,040.1 per ounce.