Gold prices hit a one-week high due to weak dollar and economic woes

Reuters

Gold prices rose to a one-week high

As the dollar weakened on Friday, so did growing economic concerns

On the bullion track for the best week since at least March-March.

A weak greenback makes the bullion attractive to foreigners

For buyers, gold is also considered a safe haven at times

Of political and economic uncertainty.

Spot gold rose 0.2% to 29 1,846.09 per ounce at 1229

GMT, after climbing about 1.9% in the last session. US gold

Futures rose 0.2% to 8 1,844.20.

The risk of recession has increased recently and because of this

Instability in the equity market will be of more interest

Gold, said Xiao Fu, head of the bank’s commodity marketing strategy

Of China International.

There is also data on a strong-expected U.S. unemployment claim

Underlined on the risk of economic growth, he added.

The US dollar is heading for its worst week ever

February, including the set for the longest of a global equity gauge

The trend of weekly losses on record among investors’ concerns

Slower growth and higher inflation.

“The US dollar has weakened significantly

Tailwind (for gold) has been lending since yesterday, ”said Commerzbank

Analysts said in a note.

Gold has recovered about 1.9% so far this week

3-1 / 2-month low hits at the start of the week.

The data shows the holding of SPDR Gold Trust in the world

Largest gold-backed exchange-traded fund rose 0.7% on Thursday,

This is the first flow since April 19th.

“It remains to be seen whether this will turn out to be more

Not just a flash in the pan. There will be no fixed price recovery

ETF investors need to come back, ”said Commerzbank.

Spot Silver added 0.2% to 21.93 per ounce, and was

Increased by about 3.8% for the week.

Platinum rose 0.1% to $ 963.56, while palladium

0.7% decreased to $ 1,993.28 Both were set for weekly gains.

(Swati Verma Reporting, Additional Reporting in Bangalore

Raushan Abraham; Edited by Binoy Dwivedi)

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