(MENAFN- Baystreet)
Gold prices reached their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from U.S. President-elect Donald Trump.
Spot gold was little changed at $2,654.21 U.S. per ounce early in the day, hitting its highest level since Dec. 13. Bullion is up about 1.3% for the week so far.
U.S. gold futures were steady at $2,668.70.
Trump's inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.
Bullion, considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.
Spot silver rose 0.5% to $29.72 U.S. per ounce. Platinum added 0.9% to $931.45 U.S., and palladium gained 1.4% to $924.06 U.S.. Both metals were on track of weekly gains.
MENAFN03012025000212011056ID1109053302
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.