Gold eyes best week in 2 years on Friday

Gold prices rose today, Nov. 11, as US dollar declined. Gold is heading for the biggest weekly gain in more than two years, amid hopes that the Federal Reserve would slow its aggressive rate hikes.

Market participants are now seeing a 71.5% chance of a 50-basis-point rate hike at the Fed’s December meeting, after the US inflation slowed to 7.7% in October.

Gold futures for December delivery added 0.62% to $1,763.80 an ounce at 10:58 am Makkah time, while spot prices rose 0.10% to $1,756.95 an ounce.

Meanwhile, silver futures for December delivery gained 1.21% to $21.96 an ounce. The spot price of platinum advanced 2.08% to $1,053.57 an ounce. Palladium jumped 1.57% to $1,995.25 an ounce.

Meanwhile, the main dollar index, which measures the performance of the US currency against a basket of six major currencies, shed 0.16% to 107.76 points.

San Francisco Federal Reserve Bank President Mary Daly on Thursday said the Fed still needs to lift rates slightly higher than the 4.5-4.75% range.