Gold Prices Rose On Friday Due To A Dip In The US Dollar And Growing Geopolitical Tensions. Spot Gold Increased By 0.7%, Reaching $2,660.03 Per Ounce. Despite This, Gold Remains On Track For A Weekly Decline, As Investors Await Critical US Data To Provide Insight Into The Federal Reserve’s Next Steps.
The US Dollar Weakened Slightly, Helping Gold’s Appeal For Investors Holding Other Currencies. This Shift In The Currency Market Helped Boost Gold Prices, With US Gold Futures Climbing By 0.8%, Reaching $2,659.70. The Dollar Index Fell By 0.2, Allowing Gold To Capitalize On The Weakening Currency.
Growing Geopolitical Tensions, Such As The Israeli Military Strikes In Southern Lebanon And Russia's Attacks On Ukraine’s Energy Infrastructure, Are Driving Demand For Gold As A Safe-haven Investment. According To Brian Lan, Managing Director At GoldSilver Central, The Slight Weakening Of The US Dollar Is Also Contributing To Gold’s Recent Price Increase.
While Gold Prices Have Gained Recently, Analysts Suggest That The Metal May Test Or Dip Below The $2,600 Level. It’s Expected That Gold Will Remain In A Consolidation Phase Through December. Additionally, Markets Are Anticipating A 25-basis-point Rate Cut By The Federal Reserve In December, Influenced By Key US Data Releases, Including Job Openings And Employment Reports.
Along With Gold, Spot Silver Rose By 1.1% To $30.58 Per Ounce, While Platinum And Palladium Also Posted Gains. However, All Three Metals Are Set For Weekly Declines, Reflecting The Uncertainty In The Markets.
For Real-time Updates Financial News, Click Here To Dive Deeper.