Gold Hits Record High, US Dollar Weakens
Gold rose to an all-time high as the US dollar weakened following the release of US economic data. The latest data showed a still-strong job market and resilient consumer spending, bringing market focus back to interest rate policy.
In early trading, gold bullion briefly broke through $4,955 per ounce and was on track for a weekly gain of nearly 8%. This strengthening marked a sharp rally that has boosted gold's appeal as a safe-haven asset.
The dollar weakened on Thursday after data showed the US economy grew slightly more than previously estimated in the third quarter. At the same time, applications for unemployment benefits rose, but the increase was smaller than market expectations.
Pressure on the dollar was evident in the Bloomberg Dollar Spot Index, which closed down 0.3% in the previous session. A weaker dollar typically makes gold more attractive to global buyers as it becomes relatively cheaper in other currencies.
In Asia, gold rose 0.4% to $4,955.14 per ounce at 7:10 a.m. Singapore time. Silver also strengthened 0.6% to $96.80, hitting a record high, while platinum and palladium also rose. (az)
Source: Newsmaker.id
