Gold rebounds on weaker dollar despite weekly losses
Shafaq News
Gold rose 2% on Friday, buoyed by a weaker dollar and bargain hunting, but was on track for a fourth straight weekly decline as surging energy prices fuelled inflation concerns and raised expectations of higher global interest rates.
Spot gold rose 2% to $4,466.38 per ounce as of 0637 GMT. The commodity has fallen about 0.5% so far this week.
U.S. gold futures for April delivery gained 1.9% to $4,461.
The dollar eased, making greenback-priced bullion cheaper for holders of other currencies.
Gold prices are down about 16% since the U.S.-Israeli war on Iran began on February 28, pressured by a stronger U.S. dollar, which has gained more than 2% over the same period.
"For weeks, gold has been treated as a liquidity asset sold to cover volatility and margin calls elsewhere, but at current levels, it is now looking more like a value proposition for investors, which is why it's back in favour today," said Tim Waterer, chief market analyst, KCM Trade.
"However, hawkish central banks wary of persistent oil-driven inflation, continue to act as a heavy lid on gold's ambitions to the upside, keeping any rally firmly in check."
Spot silver rose 3.1% to $70.10 per ounce. Spot platinum gained 3.5% to $1,891.02, while palladium rose 3.3% to $1,398.30.
(Reuters)
Only the headline is edited by Shafaq News Agency.
