Gold prices rise, near $1,860 level

Gold prices rose today, Nov. 17, amid rising concerns about the continuation of price pressures in various countries of the world, following the release of retail sales data in the United States.

Retail sales rose 1.7% in October, beating expectations of 1.3% in light of rising energy prices and tight supplies, which reinforced expectations that the US interest rate will rise sooner than expected.

This comes after James Bullard, a Federal Reserve member, in an interview with Bloomberg, stressed on the need for the bank to prepare for higher inflation in the long-term, adding that the bank needs to take more strict measures during the upcoming meeting.

Gold futures contracts for December delivery rose 0.3% to reach $1,859 per ounce at 10:33 am Makkah time. Spot price for the yellow metal increased to $1,856.3 per ounce.

Elsewhere, silver futures for December delivery rose 0.7% to reach $25.11 an ounce. Spot price for platinum delivery gained 0.8% to reach $1,073.5, while palladium increased 0.1% to reach $2,163.5 per ounce.