Spot gold rose 0.2% to $1,845.67 an ounce, after rising 1.9% in the latest session. US gold futures were up 0.1% at $1,842.70.
Fears of a recession have increased recently and due to volatility in stock markets, there will be more interest in gold, said Xiao Fu, head of commodity markets strategy at Bank of China International.
Higher-than-expected data on jobless claims in the United States have also highlighted risks to economic growth, it added.
The US dollar was headed for its worst week since early February, and the global equity index was headed for its longest weekly losing streak on record.a, amid investor concerns about slowing growth and high inflation.
“The fact that the US dollar has weakened markedly since yesterday is a favorable factor (for gold),” Commerzbank analysts said in a note.
Gold has gained 1.8% so far this week, recovering from the 3 1/2 month lows it hit earlier in the week.
Data showed holdings in SPDR Gold Trust, the world’s largest publicly traded gold-backed fund, rose 0.7% on Thursday, its first inflow since April 19.
Among other precious metals, spot silver rose 0.5% to $22.01 an ounce, accumulating a 4.4% gain for the week. Platinum was up 0.2% at $964.71 an ounce, while palladium was down 0.3% at $2,001.57 an ounce. Both metals post weekly gains.
Oil price stable
The Oil prices were flat on Friday and little changed for the week as a planned European ban on Russian oil offset investor concerns over weakening economic growth. that affects demand.
Brent oil futures for July were up 49 cents, or 0.4%, at $112.53 a barrel, while U.S. West Texas Intermediate (WTI) crude for June was up 24 cents, or 0.2%, on Tuesday. at $112.45 on its last trading day.
The more actively traded July WTI contract was up 19 cents at $110.08 a barrel.
Source: Ambito
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