Gold Rises on US Fed Rate Cut Bets

Gold prices rose on Friday after recent economic data supported bets for a Federal Reserve interest rate cut next month. Spot gold rose 0.6% to $2,644.70 per ounce, but was down about 0.3% for the week. Prices hit a record high of $2,685.42 last month. US gold futures gained 0.8% to $2,661.40. The dollar index fell from a two-month high, making bullion more attractive for other currency holders. Data on Thursday showed that US consumer prices rose slightly more than expected in September, while jobless claims increased to 258,000 in the week ended Oct. 5, versus estimates of 230,000. Lower interest rates reduce the opportunity cost of holding bullion. Among other metals, spot silver rose 0.3% to $31.28 per ounce, and platinum climbed 1% to $976.55. Both metals were headed for weekly declines. Palladium climbed 1% to $1,080.27 per ounce. Source: Qatar News Agency