© Reuters. Gold bars in a photo from the Reuters archive.
(Reuters) – Gold prices jumped more than 2% on Tuesday, settling above the all-important $ 1,700 an ounce level, driven by falling dollar, bond yields and technical buying, as the eyes remain on the US inflation data coming in the week.
It rose 2.2% to 1712.20 per ounce by 1055 EST (1555 GMT), the highest level since October 7. And the American rose two percent to $ 1,714.60.
It fell 0.5 percent, close to a two-week low against rival currencies, which makes gold more attractive to holders of other currencies. US bond yields also declined.
US Consumer Price Index data is expected next Thursday, and economists expect the monthly and yearly leading numbers to drop to 0.5% and 6.5%, respectively.
Other precious metals benefited from the rise in gold, which rose 3.3% to $ 21.47 an ounce, the highest level since late June.
Platinum gained 1.5% at $ 993.96 and 1% at $ 1,915.64 an ounce.
(Prepared by Mahmoud Abdel-Gawad for the Arabic Bulletin – Edited by Mustafa Saleh)
