Gold on course for fourth weekly gain as dollar softens
Gold is up about 0.6% for the week, with palladium on course for 1.8% weekly gain
Bengaluru — Gold rose on Friday as continued dollar weakness kept the precious metal on track for a fourth straight weekly gain. In addition to dollar-denting on expectations that the brakes could soon be applied to US interest rates, gold was also supported by increasing market nervousness over US President Donald Trump’s unbending demand for a wall to be built on the border with Mexico. Spot gold rose 0.5% to $1,292.92 an ounce by 10.43am GMT. US gold futures were up 0.5% at $1,293.4. “President Trump increased the rhetoric with relation to opening the government and building the wall [along the Mexican border],” said Naeem Aslam, chief market analyst at Think Markets UK. “That and the dollar weakness because of the Fed’s dovish stance are pushing gold prices higher.” The dollar slipped against other major currencies, impaired by US Fed chair Jerome Powell’s comment that the central bank could be patient on rate policy. The dollar index has fallen more than 2% since mid-December. ...
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