- Home
- latest news
- Technology
- Gold rises as the dollar falls
Gold rises as the dollar falls
Gold prices rose and recorded a third consecutive week of gains supported by the decline of the US dollar and technical factors.
Spot gold rose 0.1 percent to $ 1226.47 an ounce late in the US session.
US contracts for gold fell $ 1.4, or 0.11 percent, to settle at $ 1228.70 an ounce.
The yellow metal ended the week with gains of 0.7 percent.
A recent sell-off in the equity markets prompted investors to seek safety in gold, raising precious metal prices to a two-and-a-half-month high of $ 1233.26 earlier this week.
But stock markets recovered today, which is holding back gold gains.
The precious metal was also supported by a slight decline in the dollar, which fell 0.2 percent against a basket of major currencies, retreating from the highest level in a week recorded earlier in the session.
Gold is seen as a safe store of value during political and economic uncertainty.
Among other precious metals, spot silver rose 0.3 percent to $ 14.60 an ounce.
Platinum rose 0.7 percent to $ 831.60 an ounce, but ended the week down 0.6 percent.
Palladium rose 0.9 percent to 1080.25 dollars per ounce, ending the week with gains of 1.6 percent after two consecutive weeks of losses.