Baku:According to Qatar News Agency, gold prices rose by more than 1% on Thursday, recovering from a one-week low experienced in the previous session as the US dollar weakened. Investors are also considering the possibility of a Federal Reserve interest rate hike this month following recent inflation data that was higher than expected.

Spot gold increased by 1.3%, reaching $4,158.63 per ounce, after hitting its lowest point since October 7 on Wednesday. Meanwhile, US gold futures for December delivery went up by 1.8% to $4,180 per ounce.

In the precious metals market, spot silver rose by 1.1% to $56.26 per ounce. Platinum saw a slight rise of 0.3% to $1,611.15 per ounce, and palladium increased by 1.3% to $1,107.83 per ounce.