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Gold nears third weekly advance
Gold prices have risen, heading towards a third consecutive weekly gain, driven by a weakening US dollar and the U.S. Treasury Department's move to buy back bonds. The price per ounce reached $4,537.41, with a weekly increase of 3.6%, supported by the dollar's decline and rising bond yields. Other precious metals also saw gains, with silver increasing by 1.3% to $68.93 per ounce, platinum rising 2% to $1,865.29, and palladium up 0.8% to $1,344.44, all heading towards weekly increases. These movements are partly attributed to expectations that US interest rates will remain unchanged, although rising interest rates generally reduce gold’s attractiveness as an inflation hedge. In political developments, the United States is set to impose strict sanctions on Iran, which reduces the likelihood of military intervention.
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