Gold broke above the $ 1,800 level on Friday, supported by bets that central banks could keep interest rates relatively low to avoid continued growth risks.
But the dollar rally in Overall, with investors looking for clues on the timing of the Federal Reserve’s stimulus program, it kept gold on course for a weekly decline.
And gold rose in immediate transactions by 0.3% to $ 1,800.40 an ounce. AND in drop of 1.4% since the beginning of the week, it is heading towards its first loss in five weeks. US gold futures rose 0.1% to $ 1,802.10.
Stephen Innes, managing partner of SBI Asset Management, said gold buying continues when interest rates are low because central banks are in no rush to raise rates.
“Growth is still a major concern for central banks,” he said.
Silver was up 0.54% to $ 24.20 an ounce, but was down 2% this week, while Platinum was up 0.4% to $ 981.19. It is heading towards its largest weekly decline since the beginning of August, falling 4.2%.
As for palladium, it was up 0.5% to $ 2,189.33, but fell more than 9% over the week.
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