Gold Price Jumps 1%, Set for First Weekly Gain in Five Weeks
CAPITALS: Gold prices climbed more than 1 percent on Friday and were on track for their first weekly gain in five weeks. The rise came after investors reduced their expectations that the United States would increase interest rates soon.
Spot gold increased 1.3 percent to $4,177.31 per ounce by 04:16 GMT. It also reached its highest level since June 23, showing stronger demand from investors.
US gold futures for August delivery also moved higher, gaining 1.6 percent to $4,190.70 per ounce.
Other precious metals also posted strong gains. Spot silver rose 2.3 percent to $62.41 per ounce. Platinum increased 2.5 percent to $1,656.05 per ounce, while palladium added 1 percent to reach $1,281 per ounce.
Silver, platinum, and palladium were all trading near their highest prices in more than one week. They are also expected to end the week with solid gains.
The latest rise in gold and other precious metals reflects growing investor interest as markets expect fewer US interest rate increases in the near future.
