Gold is rising, supported by the dollar’s ​​decline, and is heading for a weekly gain | Market talk

Gold is rising, supported by the dollar’s ​​decline, and is heading for a weekly gain | Market talk
Gold is rising, supported by the dollar’s ​​decline, and is heading for a weekly gain | Market talk

Gold rose on Friday, as the dollar’s decline, concerns about rising inflation and risks to growth offset the impact of bets on a looming interest rate hike, keeping the metal on track for modest weekly gains.

Spot gold rose 0.1% to $1,758.58 an ounce.

US gold futures rose 0.1% to $1,759.

The dollar fell, which made gold less expensive for holders of other currencies, which supported demand.

And gold is on its way to recording its first weekly gain since the third of September, up about 0.6 percent so far, as the dollar’s ​​decline on Thursday helped it recover by about 2 percent.

Supporting gold’s appetite, European and Asian stocks fell amid concerns about inflation and a possible slowdown in growth.

For other precious metals, silver increased 1% to $22.42 an ounce.

Platinum rose one to $972.64 an ounce, while palladium fell 0.27% to $1904.60, both of which are on their way to record weekly losses.

Source

Gold rising supported dollars decline heading weekly gain Market talk

 
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