Gold is heading for weekly gains with the dollar’s decline

May 27 2022 09:46

Gold prices rose on Friday, with the continued weakness of the dollar, which helped move the yellow metal towards recording the second consecutive weekly rise, as expectations of a stronger monetary policy tightening from the Federal Reserve receded.

Spot gold rose 0.2 percent to $1,854.05 an ounce by 0325 GMT. US gold futures also rose 0.2 percent to $1,851.90. Gold rose 0.4% since the beginning of the week.
“Gold was supported this week by some moderation in market expectations from the Federal Reserve’s monetary policy for next year, and more importantly the weakness of the US dollar,” said Ilya Spivak, currency analyst at Daily Forex.

The dollar index fell, heading for the second consecutive weekly decline, which makes gold less expensive for buyers of other currencies.
As for other precious metals, silver fell in spot transactions 0.2 percent to $21.95 an ounce. It has risen about 1.5 percent this week.
Platinum settled almost at 950.28 dollars. And palladium rose 0.1 percent to $ 2015.96, and is moving towards achieving a weekly gain of about three percent, the highest since early April.

Source: agencies