EconomyDollar weakness pushes gold to week-long highs

Dollar weakness pushes gold to week-long highs

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Lima, January 14, 2022Updated on 01/14/2022 08:31 am

Gold prices firmed up near more than a week highs on Friday, backed by a retreating US dollar and stabilizing yields on US debt, as markets waited for more economic data to estimate the pace of growth. upcoming interest rate increases.

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Spot gold was up 0.1% at $ 1,823.28 an ounce as of 11:00 GMT, after previously hitting a one-week high of $ 1,828.92. US gold futures were up 0.1% to $ 1,822.80 an ounce.

The price of the bullion has risen around 1.5% so far this week, the biggest increase since the week of November 12.

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“The fact that inflation figures in the United States were not as high as feared could play in favor of gold”said Michael Hewson, chief market analyst at CMC Markets UK, adding that a weaker dollar and falling bond yields over the week have helped the metal.

The big test is whether gold can move above the December peaks to the $ 1,830 and $ 1,835 an ounce range, “because that proved to be a tough nut to crack earlier this month,” he said. Hewson.

The dollar fell to its lowest level in more than two months, while 10-year US Treasury yields face their first weekly decline in a month.

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Among other precious metals, spot silver was up 0.2% at $ 23.11 an ounce and was on track to close its best week in two months. Platinum was up 0.6% at $ 975.50 an ounce, while palladium was down 0.9% at $ 1,871.68 an ounce.

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