Home Stock Market Gold prices rose, aiming for the best weekly increase in the month

Gold prices rose, aiming for the best weekly increase in the month

Gold futures rose higher Friday morning for the second day in a row, sending gold on its strongest weekly rally in about a month.

Precious metals benefited from declining standard bond yields, weakening US dollar
and a bitcoin price drop
One of those assets is seen as competing with safe-haven gold.

Gold June
+ 0.87%

+ 0.87%

are trading at $ 13.20, or 0.7%, higher than the $ 1,779.70 / ounce on the Comex, after a 1.8% increase on Thursday.

During the week, gold is on track to gain 1.3% weekly, marking the largest weekly gain since the period ended on March 19, FactSet data showed.

Treasury bonds with 10-year term

is 1.57%, which is lower than the recent range between 1.60% and 1.75%. Falling government debt yields may spur cravings for precious metals that fail to earn coupons.

Meanwhile, the dollar is down 0.2% at 91,542, as measured by the ICE US Dollar Index
a measure of copper versus half a dozen currencies. The dollar is down 0.7% so far this week and down 1.8% in April so far. A weaker dollar may make dollar-pegged assets more attractive to overseas buyers.

The growing US tensions with China and Russia have helped increase the metal’s appeal, market participants said.

Tensions between the United States and China over Taiwan have increased, and The Biden administration on Thursday expelled several Russian diplomats and announced sanctions on dozens of people and companies, in part in retaliation for Russia’s meddling in last year’s presidential election.



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments