World Economy

Gold at Year’s Highest

Gold at Year’s HighestGold at Year’s Highest

Gold prices rose to their highest in more than a year on Friday as weak economic data reduced expectations of another interest rate increase in the United States this year, US bond yields fell and the dollar plunged to its weakest since early 2015, Reuters reported. Demand for US government debt and other safe-haven assets rose after an increase in US jobless claims and worries about the impact of hurricanes Irma and Harvey on economic growth. Spot gold was up 0.3% at $1,352.87 after hitting $1,357.54, its highest since August 2016. It was up 2.2% this week, on course for a third consecutive weekly gain.

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