Gold prices hit one-month high on Friday, remaining weak We Dollar has also kept bullion on track for its third consecutive weekly gain.
spot gold 0539 . was steady at $1,867.33 an ounce till GMT, after hitting a May 9 high of $1,873.79. So far this week, gold prices have gained about 0.8 percent.
US gold futures rose 0.1% to $1,872.10.
The dollar declined, making greenback-priced bullion more attractive to foreign buyers.
“We see a decline in price around $1,828 this week, and with bullish momentum, a move towards $1,900 is possible,” said Matt, Senior Market Analyst at City Index. simpson Told.
Gold prices rose more than 1% on Thursday, driven by a fall in the dollar and data showing US private payrolls rose less than expected last month.
Signs of economic distress can be helpful for gold demand, as investors consider it a safe-haven asset.
“We also note that large speculators and managed funds increased their net-long exposure to gold last week to six in the first week, suggesting support at lower levels,” Simpson said.
meanwhile, US Federal Reserve Two policymakers indicated on Thursday that monetary policy tightening is likely to continue ahead of a half-percentage hike in interest rates to be held in each of the next two meetings.
Higher short-term US interest rates increase the opportunity cost of holding gold, which carries no interest.
According to a Reuters technical analyst, spot gold is likely to test resistance at $1,879 an ounce, above which a breakout of $1,892 is possible. wang tao,
Spot silver rose 0.2% to $22.33 an ounce, having climbed 1.1% so far this week.
Platinum fell 0.5% to $1,017.57, but is set for a weekly increase of around 7%, the highest since June 2021.
Palladium climbed 1% to $2,073.20.
spot gold 0539 . was steady at $1,867.33 an ounce till GMT, after hitting a May 9 high of $1,873.79. So far this week, gold prices have gained about 0.8 percent.
US gold futures rose 0.1% to $1,872.10.
The dollar declined, making greenback-priced bullion more attractive to foreign buyers.
“We see a decline in price around $1,828 this week, and with bullish momentum, a move towards $1,900 is possible,” said Matt, Senior Market Analyst at City Index. simpson Told.
Gold prices rose more than 1% on Thursday, driven by a fall in the dollar and data showing US private payrolls rose less than expected last month.
Signs of economic distress can be helpful for gold demand, as investors consider it a safe-haven asset.
“We also note that large speculators and managed funds increased their net-long exposure to gold last week to six in the first week, suggesting support at lower levels,” Simpson said.
meanwhile, US Federal Reserve Two policymakers indicated on Thursday that monetary policy tightening is likely to continue ahead of a half-percentage hike in interest rates to be held in each of the next two meetings.
Higher short-term US interest rates increase the opportunity cost of holding gold, which carries no interest.
According to a Reuters technical analyst, spot gold is likely to test resistance at $1,879 an ounce, above which a breakout of $1,892 is possible. wang tao,
Spot silver rose 0.2% to $22.33 an ounce, having climbed 1.1% so far this week.
Platinum fell 0.5% to $1,017.57, but is set for a weekly increase of around 7%, the highest since June 2021.
Palladium climbed 1% to $2,073.20.