The metal market is stable at the end of the week

Gold prices remained virtually unchanged on Friday, amid concerns caused by stronger US inflation data, which could prompt the Federal Reserve to announce a long-term interest rate hike at the upcoming meeting. 

At the beginning of the week, gold reached record highs near the $2,190 mark. However, the strengthening of the US dollar after the inflation data caused pressure on gold, which led to a decrease in the price to the level of $2,157 in yesterday's session. The current price of the precious metal is $2,172 per ounce.

However, despite the local weakness, many analysts are confident that gold will continue to grow, receiving support from several factors by the end of the year and raising its target price for 2024 to $2,300 per ounce.

Unlike gold, the copper market is showing steady growth today. The metal reached a new 11-month high due to expectations of a reduction in supplies from China, which stimulated its active purchases. Three-month copper futures on the London Metal Exchange rose 1.5%, breaking the $9,000 per tonne mark, and the US monthly copper futures increased 1.3% to $4.1022 per pound.

Other precious metals also showed growth on Friday, surpassing gold at the end of the week. Platinum added 0.2% to $932.50 an ounce, while silver rose 0.6% to $25,212 an ounce.