Gold set for second weekly gain on weak dollar
Spot gold was up 0.1 per cent at $2,042.01 per ounce, as of 5.34am GMT
Gold prices edged higher on Friday, set for a second consecutive weekly gain, as the US dollar tumbled and recent economic data prompted bets that the Federal Reserve is nearing the end of its rate-hike cycle, state news agency WAM reported.
Spot gold was up 0.1 per cent at $2,042.01 per ounce, as of 05.34GMT, hovering near a one-year high reached on Thursday.
US gold futures rose 0.1 per cent to $2,056.70.
Gold set for 2nd weekly gain on weak dollar #WamNews https://t.co/BKAo817eAJ pic.twitter.com/5uuFYWSgyZ
— WAM English (@WAMNEWS_ENG) April 14, 2023
Spot silver rose 0.5 per cent to $25.90 per ounce, hitting a one-year peak earlier, while platinum gained 0.5 per cent at $1,051.93.
Both metals were bound for a fifth straight weekly gain.
