Regarding other precious metals, spot silver registered an increase of 0.1%, reaching $28.25 per ounce, with an increase of 1.4% on the week.
The gold markets They maintain their bullish momentum this Friday, heading towards a fifth consecutive week of gains. Investors nervous about rising tensions between Iran and Israel, They seek refuge in the precious metal.
Spot gold advanced 0.1%, reaching $2,380.68 per ounce, after hitting a high of $2,417.59 earlier in the session. Gold futures in the United States also show an increase of 0.1%, reaching $2,396.60.
Earlier this Friday, several explosions were reported over an Iranian city, in what is described as an Israeli attack. Despite this, Tehran downplayed the incident and said it had no plans to retaliate. “The geopolitical situation with possible retaliation from Iran and the recent attack on Iranian territory increase the risk of an escalation of the conflict, which benefits gold as a safe haven asset,” explains Peter Fertig, analyst at Quantitative Commodity Research.
Gold: what data the market analyzes
Meanwhile, on the economic front, the US Federal Reserve authorities are making clear that there is no rush to reduce interest rates, considering the slow progress of inflation and the resilience shown by the US economy.
Commerzbank, in a note, said it expects gold to close the year at $2,300, adjusting its previous forecast of $2,200. However, he remains skeptical about further upside potential, given that this would go against interest rate expectations in the United States. Higher interest rates reduce the attractiveness of owning gold, since this does not generate interest.
Despite these considerations, Gold maintains solid performance this yeardriven by Chinese demand prospects and macroeconomic uncertainties, according to Chinese state research institute Antaike.
As for other precious metals, spot silver rose 0.1% to $28.25 per ounce, up 1.4% for the week. Meanwhile, spot platinum fell 0.3% to $932.40, and palladium fell 2% to $1,002.50. These last two metals are heading to close the week in negative territory.
Source: Ambito
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