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Gold heads for fifth week of gains

Gold heads for fifth week of gains

LONODN: Gold climbed on Friday and was heading for its fifth weekly gain, supported by a weaker dollar and prospects for further monetary policy easing in the wake of Britain’s vote to leave the European Union.

Spot gold rose to a session high of $1,341.40 an ounce, and was 1.2 per cent higher at $1,336.01 by 1415 GMT. The metal gained 8.8pc in June, its biggest monthly rise since February.

Gold’s strength benefited silver, which breached the $19 an ounce level on Friday for the first time since September 2014.

It rose as much as 3.8pc to $19.40 and traded 3.3pc higher at $19.28. Silver was on track for its best week since August 2013 having gained more than 8pc so far.

Platinum marked its highest level since May 18 at $1,050.80 an ounce and was on track for its best weekly rise since the end of April.

Palladium, heading for its best week since early March, rose to its highest since May 13 at $601, and was up 0.6pc at $596.20.

Courtesy : Dawn News



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