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)