Gold prices rise 1%, head for first weekly gains in a month

Gold prices rose today, Sept. 9, heading for the first weekly gains in a month, driven by global slowdown concerns that boosted demand for the precious metal as the safe haven.

Federal Reserve Chair Jerome Powell confirmed on Thursday that the central bank is strongly committed to fighting inflation until the job is done.

US Treasury Secretary Janet Yellen declared that President Joe Biden's agenda has made the economy stronger than before the COVID-19 pandemic, but said more work was needed to protect the gains, especially by tackling inflation.

Gold futures for December delivery rose 1.03% to $1,737.80 an ounce at 11:00 am Makkah time, and spot prices increased 1.15% to $1,728.05 an ounce, recording weekly gains of 0.85% so far.

Silver futures were up 1.86% to $18.79 per ounce, and spot prices for platinum increased 0.49% to $883.87. Meanwhile, palladium prices rose 0.46% to $2,148.28.

The dollar index, which measures the performance of the US currency against a basket of six major currencies, fell 1% to 108.48 points.