Jaafar Kassem / Anatolia
Gold prices rose, on Friday, and are heading towards recording the first weekly gain in 5 weeks, with the widening expectations that the inflation wave will lead to a recession in the global economy.
By 9:00 (GMT), the precious metal was traded in spot transactions at $1845.8 an ounce, an increase of $3.74, or 0.21 percent.
And US gold futures rose $2.84, or 0.14 percent, to $1,844 an ounce.
And gold is on track to record a weekly gain of about 2%.
Fears are growing that the fastest inflation wave in 4 decades, fueled by the war in Ukraine, will lead to a recession in the global economy, which has boosted investors’ appetite for gold bullion as a safe haven.
And gold received support from the dollar’s decline from its highest level in 20 years, which increased the attractiveness of the yellow metal to holders of other currencies.
On Friday, the dollar compensated some of its losses during the week, and its index rose against a basket of six competing currencies, by 0.2 percent to 102.93 points.
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