- Global gold prices rose at the start of trading this week, Monday, as markets await important US economic data, in addition to a selling wave witnessed by stock markets around the world due to fears of a recession in the United States, which strengthened the value of the yellow metal as a safe haven.
- Spot gold rose 0.04% to $2,470.20 an ounce, after falling more than 1% in early trading, while US gold futures for December delivery rose 1.05% to $2,495.8 an ounce.
- The yellow metal rose more than 1% last week, after weak labor market data boosted bets on a U.S. interest rate cut this year.
- Markets are focused this week on US producer price index data on Tuesday, followed by consumer price index data due on Wednesday.
- Among other precious metals, spot silver rose 0.3% to $28.23 an ounce, while palladium fell 1.7% to $961.50, and platinum rose above the key $1,000 an ounce level, its highest level in almost a year, as it increased 0.6% to $1,000.55 an ounce.
