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Gold dips; set for first weekly gain in five as dollar falls

Category: Economy

Date: 2022-05-20T07:31:43+0000
Gold dips; set for first weekly gain in five as dollar falls

Shafaq News / Gold edged lower on Friday but prices were still set for their first weekly gain since mid-April, as the dollar receding from two-decade highs and mounting concerns over U.S. economic growth revived safe-haven demand.

Spot gold was down 0.2% at $1,838.81 per ounce, by 0258 GMT, tracking a slight uptick in the dollar on the day. U.S. gold futures edged 0.1% lower to $1,839.30. Gold prices have climbed about 1.5% this week.

As bullion yields no interest it can become less attractive to investors when short-term U.S. interest rates are hiked.

It is, however, seen as a safe store of value during times of economic crises.

The U.S. central bank will lift interest rates higher by the end of this year than anticipated just a month ago, keeping alive already-significant risks of a recession, a Reuters poll of economists found.

Reflecting an uptick in demand, SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.66% to 1,056.18 tonnes on Thursday, following a recent streak of losses.

Spot silver fell 0.3% to $21.83 per ounce, but it has gained about 3.6% this week. Platinum dropped 0.7% to $955.50, and palladium fell 0.1% to $1,997.65.

Both were set for weekly gains of about 1.7% and 2.8%, respectively.

(Reuters)

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