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Gold Approaches Third Weekly Gain
Gold prices increased during today's Friday trading, as markets continue to achieve gains for the third consecutive week. This is driven by the decline of the dollar and the U.S. Treasury Department's moves to purchase bonds, which directly supported the prices of the precious metal. The spot price of gold rose by 0.4% to reach $4,537.41 per ounce, marking the highest level since June, and the metal secured weekly gains of 3.6%. Additionally, gold futures increased by 0.5% to $4,593.90. The weakening of the dollar and the decline in bond yields strengthen the market's outlook for higher gold prices, especially with the U.S. Treasury's pledge to double long-term bond buybacks to at least $4 billion per operation in the upcoming quarter. This move, along with last week's decrease in jobless claims—reflecting a stable labor market—gives the Federal Reserve room to continue fighting inflation. Markets currently estimate a 63% chance that interest rates will remain unchanged next month. Meanwhile, silver, platinum, and palladium prices are rising, with each achieving weekly gains.
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