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Gold marks weekly gains, silver scales new record highs
Gold prices rose during Friday’s trading despite a stronger dollar against most major currencies, amid ongoing uncertainty surrounding Federal Reserve policy.
New York Federal Reserve President John Williams said that “technical factors” may have negatively affected the accuracy of November inflation data, pushing the headline index below its underlying level.
“As a result, I think the data were distorted in some categories, which pushed the consumer price index lower, perhaps by about a tenth of a percentage point or so,” he said.
He stressed that it is difficult to be certain, but noted that December inflation data are expected to be more accurate.
Goldman Sachs said in a note on Thursday that gold prices are expected to rise by 14% to around $4,900 per ounce by December 2026.
Meanwhile, the dollar index rose 0.2% to 98.6 points as of 20:35 GMT, after hitting a high of 98.7 points and a low of 98.4 points.
In market trading, spot gold climbed 0.2% to $4,374.8 per ounce as of 20:36 GMT, with the precious metal posting weekly gains of 1.3%.
Silver futures for March delivery surged 3.20% to $67.335 per ounce, after reaching a record high of $67.68 during the session.
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