Gold is getting more expensive amid concerns about inflation

On Wednesday, gold shows an increase in quotations against the background of a cheaper dollar and concerns about the economic consequences of the recent sharp rise in energy prices. Then oil prices rose to the highs of several years in the area above $84 per barrel.

The current price of gold is $1,788.2 per ounce. Additional support for the precious metal rate was provided by data on inflation in the United States. According to the press release of the Ministry of Labor of the country, consumer prices in September accelerated growth to 5.4% y/y (from 5.3% in August), and on a monthly basis increased by 0.4%.

Markets fear that accelerating inflation, partly due to the global energy crisis, could hold back economic growth. And this puts pressure on the dollar and makes gold more attractive and cheaper for foreign buyers.