Gold rose on Friday as the dollar fellbut heightened optimism about the likelihood of a US debt limit deal put prices on track for a weekly drop.
Spot gold gained 1% to $1,977.99 an ounce, after touching its lowest level since the beginning of April the day before. The Gold futures in the United States advanced 1% to $1,980.25.
The dollar index fell 0.3%making bullion cheaper for holders of other currencies, but it was heading for its second consecutive weekly rise.
For its part, the golden metal was preparing to close its worst week since the beginning of February, with a fall of 2.3% to date.
“Gold has been dragged below the psychologically important $2,000 level this week on optimism surrounding a US debt deal,” Exinity’s Han Tan said.
Democratic Party negotiators told President Joe Biden on Friday they are making “steady progress” in talks with Republicans aimed at avoiding a default, a White House official said.
Gold soared to $2,072.19 at the start of the month, just a few cents off its all-time high of $2,072.49but since then it has lost about 5% after the release of data that showed a tight labor market and inflation still high.
In other precious metals, spot silver rose 0.4% to $23.60 an ounce; platinum improved 1.6% to u$s1,065.34; and palladium rose 4% to $1,511.40.
Source: Ambito
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