Gold prices are heading today, Friday, to record the highest weekly increase since November, supported by the decline in the dollar and the yield on US Treasury bonds, while traders are awaiting more economic data to clarify the time frame for reducing the US Central Bank’s program to buy bonds.
And gold increased in spot transactions 0.2% to $ 1826.51 an ounce, and rose by about 1.7% this week. US gold futures rose 0.3% to $1,826.80 an ounce.
The dollar is set to suffer its biggest weekly loss in eight months, making gold less expensive for holders of other currencies. The 10-year US Treasury yield is also facing its first weekly decline in four weeks.
Today, investors are awaiting US economic data, including retail sales and industrial production, after the December inflation data came in line with expectations.
As for other precious metals, silver increased in spot transactions 0.4% to $23.16 an ounce, and is heading towards recording the best weekly performance in two months.
Platinum rose 0.9% to $978.32 an ounce and is heading towards recording a weekly increase. And palladium fell 0.8% to $ 1871.87 an ounce and is heading towards incurring a weekly loss.