Safe-haven gold gains on global uncertainty, weaker dollar
Gold prices rose on Friday as a weaker U.S. dollar and ongoing geopolitical and economic uncertainty boosted demand for the safe-haven metal, while platinum prices eased after reaching their highest level since 2014.
Spot gold rose 0.4% to $3,353.25 per ounce, as of 1226 p.m. EDT (16:26 GMT), after falling 1.1% in the previous session.
U.S. gold futures were also up 0.4% to $3,359.70.
"In the precious metals space, there are gains across the board, courtesy of a weaker dollar," said Marex analyst Edward Meir.
The dollar was down 0.5%, making gold cheaper for buyers holding other currencies.
"Concerns around growth in U.S. debt and further tariff updates are likely to keep gold in focus, and for now the floor looks well supported," said Suki Cooper, Precious Metals Analyst, Global Research at Standard Chartered Bank.
On the tariff front, Indonesia is still working out the details of its new trade deal with the U.S., while Treasury Secretary Janet Yellen told Japan's Prime Minister a "good agreement" is possible.
Earlier this week, U.S. President Donald Trump said he wasn't planning to fire Fed Chair Jerome Powell but left the option open and again criticized him for not cutting interest rates.
Market participants are anticipating two U.S. rate cuts by the end of this year, totalling 50 basis points.
Gold thrives during economic uncertainty, and lower interest rates boost investor demand as it is a non-yielding asset.
Spot platinum fell 0.8% to $1,432 per ounce, after hitting its highest since August 2014 earlier today.
Source: Reuters
