Gold prices are heading today, Friday, to register their highest weekly rise since November, supported by the falling dollar and the yield on US Treasuries, as traders are in pending further economic data to clarify the time frame to reduce the bond purchase program.
And gold rose in spot trades 0.2% to $ 1826.51 an ounce, and was up roughly 1.7% this week. US gold futures rose 0.3% to $ 1,826.80 per 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 await US economic data, including retail sales and industrial production, after December inflation data was in in line with expectations.
As with other precious metals, silver rose in spot transactions by 0.4% to $ 23.16 an ounce, and is on its way to better performance weekly for the last two months.
Platinum was up 0.9% to $ 978.32 an ounce and is heading for a weekly rise. And palladium fell 0.8% to $ 1871.87 an ounce and is heading for a weekly loss.
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