Gold rises 1%, heads for first weekly gain in five weeks
Gold rose more than 1 per cent on Friday and was set for its first weekly gain in five, as investors dialled back expectations for US rate hikes.Spot gold was up 1.3 per cent at $4,177.31 per ounce, as of 04:16 GMT, hitting its highest level since 23rd June.US gold futures for August delivery gained 1.6 per cent to $4,190.70.Spot silver rose 2.3 per cent to $62.41 per ounce, platinum gained 2.5 per cent to $1,656.05, and palladium climbed 1 percent to $1,281. All three metals were near their highest levels in more than a week and headed for weekly gains.
Gold rose more than 1 per cent on Friday and was set for its first weekly gain in five, as investors dialled back expectations for US rate hikes.Spot gold was up 1.3 per cent at $4,177.31 per ounce, as of 04:16 GMT, hitting its highest level since 23rd June.US gold futures for August delivery gained 1.6 per cent to $4,190.70.Spot silver rose 2.3 per cent to $62.41 per ounce, platinum gained 2.5 per cent to $1,656.05, and palladium climbed 1 percent to $1,281. All three metals were near their highest levels in more than a week and headed for weekly gains.
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