Sana’a: Gold prices resumed their upward trend on Thursday, driven by rising geopolitical risks amid US sanctions on Russia and the possibility of additional restrictions on Chinese exports. Meanwhile, investors awaited US inflation data for fresh clues on the path of interest rates. Spot gold rose 0.7 percent to $4,123.39 per ounce.

According to Yemen News Agency, the US Consumer Price Index report, due out on Friday after being delayed due to the government shutdown, is expected to show that core inflation held steady at 3.1 percent in September. Investors are almost entirely expecting the US Federal Reserve to cut interest rates by 25 basis points at its meeting next week. Gold typically rises when interest rates are low because they reduce the opportunity cost of holding the non-yielding precious metal.

Gold prices have risen about 56% year-to-date, reaching an all-time high of $4,381.21 on Monday, fueled by geopolitical and economic uncertainty, bets on interest rate cuts, and continued central bank buying. Among other precious metals, spot silver fell 0.4% to $48.31 per ounce, platinum fell 1.4% to $1,598.65, and palladium fell 1.4% to $1,438.47.