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Gold hits weekly highs due to weak dollar and economic concerns

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Gold prices have risen to a weekly high

Friday as the dollar continues to weaken amid rising economic concerns

Bullions are on track for at least the best week since late March.

Bullion is attractive overseas because of its weak greenback

Buyers also while gold is considered a safe haven for the times

Of political and economic uncertainty.

Spot gold rose 0.2% to $ 1,846.09 per ounce by 1229

GMT, after rising about 1.9% in the last session. US Gold

Futures rose 0.2% to $ 1,844.20.

The fear of recession has increased recently and

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Stock market volatility is

Kim said Xiao Fu, head of bank’s commodity market strategy.

Of China International.

Stronger than expected U.S. unemployed billing data

She added that she emphasized the risks to economic growth.

The US dollar was heading for the worst week from early on

February, world stock gauge set to longest

A record weekly losing streak amid concerns for investors

Slow growth and high inflation.

“The fact that the US dollar has fallen significantly

I lent a tailwind (gold) yesterday, “says Commerzbank.

The analyst said in a memo.

Gold has risen about 1.9% so far this week,

The three and a half month low was a hit at the beginning of the week.

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Data show holdings of SPDR Gold Trust in the world

Exchange-traded funds, backed by the largest gold, rose 0.7% on Thursday.

First inflow since April 19th.

“I’m still not sure if this will be more.

More than just a pot flash.Permanent price recovery

We demand refunds from ETF investors, “Commerzbank said.

Spot Silver is up 0.2% per ounce to $ 21.93.

That week increased by about 3.8%.

Platinum rose 0.1% to $ 963.56 and palladium rose 0.1%.

It was down 0.7% to $ 1,993.28. Both were set for weekly profits.

(Report by Swati Verma in Bangalore, additional report

Roshan Abraham; edited by Vinay Dwivedi)

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Gold hits weekly highs due to weak dollar and economic concerns

Source link Gold hits weekly highs due to weak dollar and economic concerns

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