The Evergrande Crisis increases the luster of gold with the return of fears

Gold offset some of its losses on Friday, after falling 1% in the previous session, buoyed by dollar weakness and the return in close-up of concerns over the fate of the Chinese company Evergrande, which has strengthened the yellow metal’s status as a safe haven.

Spot gold rose 0.7% to $ 1,754 an ounce, while US gold futures rose 0.3% to $ 1,755.10.

The dollar index remained close to a one-week low during the previous session, making gold cheaper for holders of other currencies.

As for the other precious metals, silver was up 0.8% to $ 22.66 an ounce, up 1.2% so far this week. Palladium was up 1% to $ 2003.27, but is on track to suffer its third consecutive weekly loss.

Conversely, platinum fell 0.6% to $ 983.29 an ounce, but is about to end two consecutive weeks of decline.

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