Gold is heading to achieve the best weekly in 6 months – Al-Manar Channel Website – Lebanon


On Friday, gold prices rose to a two-and-a-half-month high and is heading to achieve the best weekly performance in six months, supported by the decline of the dollar and a decline in US Treasury yields, while investors are cautiously awaiting the US nonfarm payrolls report due to be released later on Friday.

By 0524 GMT, spot gold rose 0.3 percent to $ 1820.35 an ounce, after reaching earlier in the session its highest level since February 16. The metal is up about 3% since the start of the week.

US gold futures rose 0.3 percent to $ 1,820.70.

“The dollar’s ​​decline and US Treasury yields fell below 1.6 percent to support gold prices above $ 1800,” said Brian Lan, managing director at Gold Silver Central, a brokerage firm.

“The US jobs data is very important … if the data is really good, we could see people become more positive about the economy and may lead to the Federal Reserve raising interest rates faster than expected.”

The dollar index fell to a week’s bottom against other major currencies, while the benchmark US Treasury bond yields for ten years hovered near their lowest levels in two weeks.

As for other precious metals, palladium rose 0.6 percent to $ 2,962.77 an ounce, after hitting an all-time high of $ 3017.18 earlier this week.

Silver gained 0.6 percent to $ 27.47 an ounce, with an increase of more than 6 percent since the start of the week. Platinum was settled at $ 1253.42.

Source: Reuters


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