Gold Prices Rise to Highest Level in a Month

Gold prices increased to their highest level in nearly a month on Thursday, supported by a decline in the dollar and U.S. Treasury yields, allowing investors to shift towards the precious metal as a hedge against inflation. Spot gold rose 0.2% to $1,796.59 per ounce by 17:46 GMT after reaching its highest level since September 15 at $1,800.12. U.S. gold futures also settled up 0.2% at $1,797.90. Gold largely ignored seemingly positive weekly data regarding the U.S. labor market. Meanwhile, other precious metals saw gains as well, with spot silver rising 1.7% to $23.45 per ounce, platinum increasing 3.1% to $1,051.78, its highest level since early August, and palladium climbing 1.4% to $2,136.18. Both silver and palladium had previously reached their highest levels in a month.