LONDON: Gold rose on Friday and was on track for its best week in five as the dollar softened on political turbulence in the United States, boosting bullion’s safe-haven appeal.
Spot gold was up 0.5 per cent at $1,253.31 per ounce, as of 1358 GMT, putting it up 1.9pc for the week. US gold futures slipped 0.1pc to $1,251.60 an ounce.
“We have political turmoil in the US which has driven the dollar lower... this week’s sentiment has supported gold,” Danske Bank analysts Jens Pedersen said, adding that it was unclear whether bullion would hold on to the gains into next week.
Gold is often seen as an alternative investment during times of geopolitical and financial uncertainty, gaining alongside bond yields and the yen while stocks usually take a hit.
Published in Dawn, May 20th, 2017