Monday, December 6

Gold posted its best week in 6 months to hedge against rising inflation in the US


Gold He has earned $ 110 since November 3, driven by growing fear of inflation and assurances from major central banks that interest rates will remain low for the time being.

“Traders are taking profits after an incredible run. Obviously, if you are not taking something (profit) with a raise of $ 100, it would be a bit silly,” said Phillip Streible, chief market strategist at Blue Line. Futures in Chicago.

The bullion was not too affected by the rise of the dollar, which advanced to its maximum since July 2020. The appreciation of the greenback makes gold more expensive for buyers with other currencies.

Consumer prices in the United States posted their steepest rise in more than 30 years last month, boosting demand for gold, seen as a hedge against inflation.

Among other precious metals, spot silver gained 0.1% to $ 25.21 per ounce this day, and palladium rose 2.6% to $ 2,111.62 per ounce.



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