Gold prices rise after recording lowest settlement in 6 months

Gold prices rose on Thursday, after recording the lowest settlement in six months on Sept. 29, amid anticipation of the release of economic data and the statements of Federal Reserve officials.

Mary C. Daly, President of the Federal Reserve Bank of San Francisco, expected that the US central bank will not move towards an interest rate increase in 2022, in light of widening gaps related to economic opportunities, wealth and welfare.

Gold futures contracts for December delivery rose 0.3% to reach $1,728.70 per ounce at 09:55am Makkah time, after recording $1,722.90 per ounce at the settlement of trading on Sept. 29 - the lowest level for the most active contract since last March.

Spot price for the yellow metal also rose 0.1% to reach $1,728.12 per ounce.

Elsewhere, silver futures for December delivery rose 0.3% to reach $21.55 an ounce. Spot price for platinum delivery gained 0.6% to reach $959.88, while palladium increased 1.6% to reach $1,859.50 per ounce.

The dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 94.308 points.

The final US GDP reading for the second quarter, as well as the unemployment claims data for last week, will be released later today, Sept. 30.