Gold is on track for weekly gains as the dollar weakens

Gold rose for the fourth consecutive session on Friday, supported by a weak dollar, while inflationary pressures boosted demand for the precious metal as a safe haven.
Spot gold rose 0.5% to $1,790.91 an ounce by 08:59 GMT.US gold futures rose 0.6% to $1,792.

The dollar index is heading down for the second week, making gold more attractive to holders of other currencies.

“There is a rise in inflation expectations and that has supported gold, along with a weak dollar,” said Saxo Bank analyst Ole Hansen, adding that gold is making another attempt to cross the $1800 threshold.

As for other precious metals, silver rose 0.7% to $ 24.30 an ounce, on its way to the fifth consecutive week of gains.

Platinum jumped 0.9% to $ 1057.91, and palladium fell 0.3% to $ 2011.59.

These were the details of the news Gold is on track for weekly gains as the dollar weakens for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Exxon smashes Western oil majors’ profits with $56bn in 2022

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]