Gold rises on Friday, set for weekly gains

20/01/2023 Argaam

Gold futures rose today, Jan. 20 on steady US dollar, as investors await officials’ statements on interest rates.

 

Gold futures for February delivery added 0.42%, or $8, to reach $1,931.9 per ounce at 10:37 am Makkah Time. Spot gold was flat at $1,930.84 per ounce, but was bound for the fifth straight weekly gain.

 

Silver futures for March delivery advanced 1.07% to reach $24.13 per ounce. Spot platinum prices were unchanged at $1,036.95, while palladium reached $1,751.02.

 

In the US, Federal Reserve Vice Chair Lael Brainard, said that interest rates will need to stay elevated for some time to cool inflation.

 

On the other hand, European Central Bank President Christine Lagarde said inflation is too high and reiterated the central bank's determination to bring it back to 2%.

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