Meanwhile, US gold futures closed 0.1% higher at $1,842.10. Gold gained around 1.8% on the week, rebounding from 3 1/2-month lows it hit earlier in the week of $1,786.60.
“The dollar pulled back this week and helped gold higher. Also, once gold crossed the $1,785 mark, the bargain hunters came in and that provided mild support,” said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.
The dollar index rose 0.4% on Friday but was still headed for its worst week since early February.
“Recession fears have been on the rise 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.
Among other precious metals, spot silver fell 0.1% to $21.69 an ounce, accumulating a 2.9% gain for the week. Platinum fell 1.4% to $948.77 an ounce, while palladium fell 2.4% to $1,958.81 an ounce.
oil price rose
Oil prices ended the week slightly higher, fueled by fears over gasoline supply and demand, as consumption remains strong despite record prices.
In the New York market, West Texas Intermediate (WTI) rose 2.74% to close at US$113.23. For its part, the price of a barrel of Brent from the North Sea for delivery in July ended in London with a rise of 0.44%, quoted at US$112.55.
Source: Ambito
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