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Gold hits 1-month high as dollar weakens, set for weekly gain

Category: Economy

Date: 2022-06-03T06:46:20+0000
Gold hits 1-month high as dollar weakens, set for weekly gain

Shafaq News / Gold prices scaled a one-month peak on Friday, riding on a weaker U.S. dollar that has also put bullion on track for a third straight weekly gain.

Spot gold was up 0.2% at $1,871.28 per ounce, as of 0214 GMT, its highest level since May 9. Gold prices have risen about 1% so far this week.

U.S. gold futures also climbed 0.2% to $1,874.50.

The dollar edged lower, making greenback-priced bullion more attractive for overseas buyers. [USD/]

“We think prices have seen an important low around $1,828 this week, and with bullish momentum having returned, a move towards $1,900 seems feasible,” City Index senior market analyst Matt Simpson said.

Gold prices rose more than 1% on Thursday, supported by a dip in the dollar and data showing U.S. private payrolls rose less than expected last month.

Signs of an economic crisis can be supportive for gold demand, as investors consider it a safe-haven asset.

“We also note that large speculators and managed funds increased their net-long exposure to gold last week, for the first week in six, which suggests there’s support at lower levels,” Simpson added.

Meanwhile, the U.S. Federal Reserve is likely to continue tightening monetary policy beyond the half-percentage point interest rate hikes expected at each of its next two meetings, two policymakers signaled on Thursday, with the only question being how much.

Higher short-term U.S. interest rates increase the opportunity cost of holding gold, which bears no interest.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings dipped 0.1% to 1,066.04 tonnes on Thursday from 1,067.20 tonnes in the prior session.

Spot silver, which gained 0.5% to $22.39 per ounce, has climbed 1.4% so far this week.

Platinum firmed 0.2% to $1,024.57, and is set for a weekly uptick of about 7.4%, its most since May 2021.

Palladium climbed 0.5% to $2,064.20.

(Reuters)

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