Gold rose to a five-week elevated

Despite the fact that the published statistics on the increment of US GDP turned out to be more desirable than the preliminary official estimate of the economic revival in July-September, the dollar was not able to strengthen significantly, which led to an increase in gold expense on Tuesday. The final estimate of US GDP growth in the third quarter was 2.3%, while initially it was reported to rise at the grade of 2.1%. At the same time, the inflation rate remains elevated. In November, it reached its highest value in more than thirty years, amounting to 4.7%. However, the continued stability of the dollar caused gold to attain its maximum value in 5 weeks at $1,816.5 per troy ounce. Compared to the prior trading session, the precious metal rose in price by 0.43%. At the same time, experts do not anticipate a long period of increment in gold prices against the background of a weakened dollar. They deem that the latest recovery in gold prices will not lead to additional growth. On Tuesday, silver also showed growth, increasing the price by 0.7% – to $23.15.


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Arseny Kudrin

Publicist, trader

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