ISLAMABAD: Gold prices have risen in the global market and are on track for the first weekly gain in five weeks, due to a decline in expectations of a US interest rate hike.
According to Reuters news agency, spot gold prices rose one percent on Friday to $4,165 an ounce, while earlier the price had also touched its highest level since June 23. US gold futures also rose 1.3 percent.
According to experts, weaker-than-expected US employment data has reduced concerns about inflation and further interest rate hikes, which has supported gold prices. Non-farm payrolls increased by only 57,000 jobs in June, which is far below experts’ forecast of 110,000.
The weekly decline in the dollar was also a major factor in the rise in gold prices, making it cheaper for investors holding other currencies.
Experts say that although expectations of interest rate hikes have eased, they have not completely disappeared, and gold prices may come under pressure again towards the end of the year.
On the other hand, according to the World Gold Council, central banks resumed gold purchases in May, resulting in a net increase of 41 tonnes in global reserves.
Other precious metals also recorded increases, with silver, platinum and palladium prices nearing one-week highs.
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