World Economy

Gold Heads for Biggest Weekly Rise

Gold Heads  for Biggest Weekly RiseGold Heads  for Biggest Weekly Rise

Gold eased from a three-week high on Friday as the dollar index rebounded from an earlier three-year low, but was still on track for its biggest weekly gain in nearly two years on the back of weakness in the US currency and inflation concerns, Reuters reported. 

The dollar hit its lowest since 2014 in overnight trade and is heading for its biggest weekly loss in two years as negative sentiment offset any support the greenback could take from rising treasury yields. Spot gold was up 0.1% at $1,354.31 an ounce at 1230 GMT, off an earlier three-week peak of $1,361.76. 

US April gold futures were up $2.30 an ounce at $1,357.60. Spot gold has risen 3.2% so far this week, putting it on track for its biggest weekly rise since April 2016. 

Gold has fared less well in other currencies, rising 1% in euro terms and 1.5% in sterling. 

The dollar hit a three-year low versus a currency basket on Friday, hurt by concerns that Washington might pursue a weak dollar strategy. 


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