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