Gold futures rise, on track for one of its strongest weekly gains in years. Futures are up 1.1% at $2,704.20 a troy ounce, and are up 5.2% on-week.
The precious metal has recovered more than half its losses since a fresh record at the end of October was swiftly followed by a sharp sell-off. Given the threat of an escalation in the war in Ukraine, its gains reflect safe-haven demand, Commerzbank analysts say in a note.
This has been demonstrated by significant inflows into gold ETFs in recent days, they say. According to the latest Swiss gold exports for October, demand for the precious metal is weak in Asia but picking up in Western countries, the analysts add.
Source : Dow Jones Newswires
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