Gold rose for a fourth day as the dollar weakened and tensions in Ukraine raised demand for safe-haven assets.
Bullion rose as much as 1% to trade near $2,665 an ounce on Friday, but was still down about 2% for the week after a cease-fire deal between Israel and Hezbollah earlier in the week. President Vladimir Putin warned Thursday that his forces could strike "decision-making centers" in Kyiv with ballistic missiles, in retaliation for Ukrainian attacks on Russia using Western missiles.
The U.S. currency gauge fell on Friday, and was on track for its first weekly decline in eight weeks. A weaker dollar makes gold cheaper for many buyers. The precious metal is still up nearly 30% this year, supported by the Federal Reserve's monetary easing cycle, central bank purchases and rising geopolitical and economic risks. There are hopes for a new record in 2025, with Goldman Sachs Group Inc. and UBS Group AG both issuing bullish outlooks this month.
Spot gold rose 1% to $2,663.03 an ounce as of 1:31 p.m. in Singapore. The Bloomberg Dollar Spot Index fell 0.2%, and is down 1.1% this week. Silver, platinum and palladium gained.
Swap markets are pricing in a more than 60% chance that the Fed will cut borrowing costs again next month, up from about the same chance earlier this week. Lower borrowing costs typically benefit gold, since it doesn't pay interest.
Source: Bloomberga
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data promp...
Gold prices strengthened on Wednesday, supported by a weaker US dollar and falling US bond yields after the latest economic data reinforced the narrative that the Federal Reserve is likely to continue...
Gold experienced a slight correction in the European session on Tuesday (February 10th), but remained above $5,000/oz as the market held its breath ahead of a series of US data that could alter intere...
Gold held above the psychological $5,000 level at the start of the week, supported by a combination of factors that are "right" for the precious metal : physical demand from China, expectations of low...
Gold prices are still struggling to turn an intraday rebound into a sustained rally. After briefly falling to $4,654 (a four day low) and rebounding, prices were again rejected near $4,900. In the Eur...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...