Gold races near one week high

Published on Dec 09, 2022 11:45

Gold prices were buoyed to a one-week high tracking weakness in the dollar overseas ahead of key U.S. inflation data due later in the day that could provide further cues on Fed action going forward. Rising interest rates were the biggest weights on gold prices this year. Any signs of inflation remaining persistent during the month could lead Federal Reserve to hike interest rates for longer. Besides, fears of a recession supported safe haven demand for the yellow metal. COMEX gold is currently quoting higher by 0.3% at $1807 an ounce.