Gold prices rise after recording worst selling curve in 6 weeks

Gold prices rose today, Jan. 4, after recording the worst selling wave in six weeks yesterday, amid the latest developments related to the pandemic.

Yesterday's decline in gold prices coincided with the rise in the yield on US 10-year Treasury bonds to the highest level of 1.6%.

While the United States recorded more than one million cases of Covid-19 on Monday - the highest level since the outbreak began nearly two years ago.

Gold futures contracts for February delivery rose 0.4% to reach $1,807.20 per ounce at 10:40am Makkah time, after recording $1,800.10 per ounce at the settlement of trading on Monday - the lowest level for the most active contract since Dec. 21, 2021.

Spot price for the yellow metal rose 0.2% to reach $1,805.67 per ounce.

Elsewhere, silver futures for March delivery rose 0.4% to reach $22.90 an ounce. Spot price for platinum delivery fell by 0.3% to reach $956.50, while palladium gained 0.5% to reach $1,835 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 96.29 points.