Rio de Janeiro: Gold prices climbed to a one-week high today, buoyed by a softer US dollar, while the market awaited comments from Federal Reserve officials for cues on the US interest rate outlook. Spot gold rose 0.4% to $2,623.54 per ounce, marking the highest level since 12 November 2024, with prices having increased by 2% yesterday. US gold futures also saw gains, climbing 0.5% to $2,627.60.

According to Oman News Agency, the US dollar pulled back as profit-booking kicked in after last week’s significant rally. A weaker dollar tends to make bullion less expensive for buyers holding other currencies, contributing to the rise in gold prices.

Among other metals, spot silver rose 0.5% to reach a one-week high of $31.32 per ounce. Platinum experienced a slight increase of 0.3%, reaching $969.80 per ounce. Palladium remained stable at $1,005.20 following a more than five percent increase yesterday.