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Gold set for fifth week of gains

January 13, 2018


LONDON: Gold rose to a four-month high on Friday and was on track for a fifth straight weekly gain as the dollar fell against the euro on an agreement for a political coalition in Germany. Spot gold was up 0.7 per cent at $1,332.17 an ounce by 1253GMT, having touched its highest since September 15 at $1,333.02.

The precious metal is up 0.9pc this week and set for its longest run of weekly gains since April. U.S. gold futures were up 0.8pc at $1,332.90. Physical gold demand remained lacklustre across top Asian centres this week as buyers were put off by a rally in prices, but an approaching Chinese New Year could reignite appeal for the yellow metal.

Among other precious metals, spot silver rose 1pc to $17.13 an ounce, but was heading for its first weekly loss in five weeks. Platinum rose 1.1pc at $994.70, on track for a fifth straight weekly gain. Platinum is up 2.5pc so far this week. Palladium was up 0.6pc at $1,088.60 after dropping on Thursday to a more than one-week low at $1,075.50.

Published in Dawn, January 13th, 2018