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Gold has risen to a maximum of the last five weeks


December, 28 2021
watermark Economic news

Gold prices on Tuesday rose to the highest level in five weeks, reaching $1,819.35 per ounce. The current quote of the precious metal is $1817.75. The last time such values were recorded was in mid-November.


Prices were supported by the weakening of the dollar, since strong statistical data from the United States and high inflation did not lead to a jump in the exchange rate of the US currency and the yield of government bonds. The US economy in the third quarter grew by 2.3% in terms of annual rates, the estimate of the indicator was increased from the previous 2.1%. And the PCE Core index, a key inflation indicator for the Federal Reserve, jumped 4.7% in November compared to the same month last year, the fastest pace in more than 30 years.


This week, gold may well continue to rise, but the growth will be short-lived. Analysts note that gold's attempts to demonstrate a significant recovery are still inconclusive, and traders cut long positions at the first signs of trouble. 


As for the other metals, the picture is as follows: silver rose 0.2% to $23.08 per ounce, platinum rose 0.3% to $973, and palladium fell 0.7% to $1957.68, retreating from the more than monthly peak reached in the previous session.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.