Gold hits seven-week high, silver sets record - Reuters
Kyiv • UNN
Gold prices rose 1% to a seven-week high, supported by a weakening dollar and geopolitical instability. Silver set a new all-time record, rising 10.4% for the week.
Gold prices rose 1% to a seven-week high on Friday, supported by a weakening dollar, expectations of interest rate cuts, and demand for safe-haven assets amid geopolitical instability. Meanwhile, silver set a new all-time high. This was reported by Reuters, writes UNN.
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It is noted that spot gold rose by 1.2% to $4,332.25 per ounce as of 11:36 GMT, which is the highest indicator since October 21. Over the week, the metal shows a gain of 3.2%.
US gold futures added 1.3% to $4,368.60.
The dollar held near a two-month low and was heading for its third consecutive weekly decline, making gold more accessible to foreign buyers.
A sharp increase in initial US jobless claims, as well as tensions in US-Venezuelan relations, are supporting gold and maintaining high demand for safe-haven assets.
Last week, the number of US jobless claims rose the most in almost 4.5 years, offsetting a sharp drop a week earlier.
The US Federal Reserve cut its rate by 25 basis points on Wednesday - for the third time this year - but expressed caution about further cuts.
Spot silver rose 1.1% to $64.29 per ounce, after setting a new record of $64.56, and is heading for a weekly gain of 10.4%.
Silver prices have more than doubled this year due to high industrial demand, dwindling inventories, and the metal's inclusion on the US list of critical minerals.
Silver is supported by industrial demand amid fears of shortages, a constantly constrained market, and speculative hype, mainly from retail investors, which has contributed to inflows into silver ETFs.
Platinum rose 1.9% to $1,727.10, palladium - 2.2% to $1,516.17. Both metals also show weekly growth.