Gold prices up amid uncertainty over effects of rising interest rates

Gold prices advanced today, Sept. 27, amid a weakening US dollar as fears mount that the Federal Reserve's ongoing interest-rate hikes could negatively impact the economy.

American investor Cathy Wood warned that the negative repercussions on both economic activity and competitiveness of the US are fueled by the rise in the US dollar, which may prompt the Fed to stop raising interest rates.

On the US data expected today, durable goods data will be released, along with the S&P Case-Shiller House Price index and the Conference Board Consumer Confidence index, in addition to new home sales data.

Gold futures for December delivery rose 0.61% to $1,643.40 an ounce at 11:50 am Makkah time, after falling to their lowest levels since April 2020 during settlement of the last session. Spot prices also gained 0.83% to $1,636.50 per ounce.

Likewise, silver futures for December delivery increased 0.92% to $18.65 an ounce. The spot price of platinum surged 0.9% to $859.68 per ounce, with the spot price for palladium also up 0.23% to $2,050.75 an ounce.

Meanwhile, the main dollar index, which measures the performance of the US currency against a basket of six currencies, shed 0.34% to 113.71 points.