Gold posts 1% in weekly gains

Gold posts 1% in weekly gains

Shafaq News/ Gold jumped 1% on Friday, helped by a weaker dollar and safe-haven buying after United Auto Workers union kicked of strikes at three automakers in Detroit, while hopes around a likely pause in U.S. interest-rate hikes lent further support.

Spot gold was up 0.7% at $1,924.27 per ounce by 1:56 p.m. EDT (1756 GMT). Bullion has risen 0.3% so far this week.

U.S. gold futures settled 0.7% higher at $1,946.2 per ounce.

The dollar slipped 0.2% against its rivals following U.S. data earlier in the day, making gold less expensive for other currency holders.

Gold is often used as a safe store of value during times of political and financial uncertainty.

Market participants now look forward to more clarity on interest rate outlook from the U.S. Federal Reserve at their policy meeting next week, in which the central bank is widely expected to leave interest rates unchanged.

Meanwhile, China’s physical gold premiums soared to a new high this week, amid strong demand to shore up a depreciating yuan and a lack of fresh import quotas.

Elsewhere, silver rose 1.9% to $23.07 per ounce, platinum gained 2.2% to $926.55 and palladium eased 0.3% at $1,247.35. All three metals were heading for weekly gains.

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