Gold is heading to close on gains for the third week in a row

Gold is heading to close on gains for the third week in a row, as it tries to hold relatively high price levels to hold the spot gold price within the levels of 1980-1985 dollars per ounce. Gold futures on the COMEX exchange are still holding at the level of 1990 dollars per ounce.
According to a report issued by “”, gold’s movements came after a series of data from the US economy, the latest of which was the Consumer Personal Spending price index figures for last September, where the core PCE index came with a growth of 3.7% year-on-year, in line with analysts ‘ expectations, as well as achieving growth of 0.3% during September compared to August and in line with expectations as well.
 The report, prepared by Samer Hassan, a market analyst and member of the Middle East Market Research department at “XS.com” the recent readings, which will be the first measure of inflation at the Fed’s meeting next week, do not seem to have affected the markets ‘ expectations about the Federal Open Market Committee keeping interest rates unchanged, warning that at the same time, the current reading means that inflation is still far from the central bank’s target, so we may see interest rates steady from their current levels for a long time next year, in addition, the set of data yesterday reinforced the hypothesis of interest rates for a longer period than expected, as The GDP is the highest growth rate not recorded for about two years, at 4.9% in the third quarter compared to the same quarter last year. 
The report concluded that based on the above, there is nothing that can support the continued rise of gold at the moment, except for concerns about the developments in the Middle East region. He added that moreover, despite the recent rises of gold, the largest physical gold funds are preparing to record another new week of net negative inflows, as the iShares Gold Trust (IAU) fund is heading for the fifteenth consecutive week of net outflows, while the largest gold funds, SPDR Gold Trust (GLD), is also heading to record net negative inflows for the second week in a row, while it would have recorded the eighth consecutive week of outflows had it not been for inflows of more than 940 million dollars in 20 from this October, which pushed the fund to record positive flows at 70 million dollars in the week ending on October 16, pointing out that in As a result, both funds have recorded negative net inflows of more than USD 5.8 billion since the beginning of the year.