Gold surges to highest level in a week

Gold prices maintained their uptrend today, Nov. 15, as the US dollar weakened after the country's annual inflation rate slowed more than expected.

Bullion for December delivery gained 0.43% to $1,975 per ounce at 12:03 pm Makkah time — the highest level since Nov. 7, with spot prices also up 0.36% to $1,971.28 an ounce.

Likewise, silver contracts for December delivery jumped 0.96% to $23.36 per ounce, while platinum spot prices settled at $890.39 an ounce.

Ilya Spivak, head of global macro at Tastylive, told Reuters that the yellow metal’s prices witnessed a moderate rise after the sharp decline in the US dollar and bond yields, which suggests that the unfavorable geopolitical risk factor will continue to influence prices.

The US dollar index, which measures the performance of the US currency against a basket of six major currencies, added 0.14% to 104.2 points, trimming its weekly losses to 1.35%.