Gold stable on weaker dollar; set for third week of gains
Avalokita Pandey / 17 Feb 2017
Gold prices held firm on Friday as the dollar hovered near one-week lows, keeping the metal on track for a third week of gains amid political uncertainties in US & Europe.
Gold prices held firm on Friday as the dollar hovered near one-week lows, keeping the metal on track for a third week of gains amid political uncertainties in US & Europe.
US gold futures were down 0.2 per cent at USD 1,239 whereas, gold was stable at USD 1,238.16. Concerns over Donald Trump's policies followed by elections in France, Germany and Netherlands led gold's surge to peak USD 1,244.67.
The dollar index, which measures the greenback against a basket of currencies, was at 100.490 on Friday. It hit a one-week low of 100.410, the day before. Holdings of SPDR Gold, the world's largest gold-backed exchange-traded fund, have risen 5.6 percent so far this month, the most since June 2016.
Among others, spot silver dipped 0.2 per cent to USD 18.06 an ounce. The metal hit its strongest since November 11, 2016 at USD 18.13 in the previous session. Platinum edged up 0.1 per cent to USD 1,013.20, while Palladium fell 0.6 per cent to USD 787.45.
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