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Gold prices rose on Friday, as the dollar fell, but increasing optimism about reaching an agreement on the US government debt ceiling put prices on a weekly decline track.
And gold increased in spot transactions by 0.3% to 1964.09 dollars an ounce, after it fell to its lowest level since the beginning of April, Thursday. Gold futures rose 0.4% to $1,967.80.
The dollar index fell 0.3% during the day, which made gold accessible to holders of other currencies, but the index is heading for gains for the second week in a row.
Gold is heading for its worst week since early February, and is down about 2.3% so far this week.
Progress in debt ceiling negotiations
A White House official stated that “Negotiators from the Democratic Party told President Joe Biden, Friday, that they are making steady progress in talks with Republicans; With the aim of sparing the United States a debt default crisis.
Gold rose to $2,072.19 earlier this month, a few cents off its all-time high of $2,072.49, but has since fallen about 5% after data showed a contraction in the labor market and continued high inflation.
“Gold prices may fall further to a range between $1938 and $1947 an ounce,” Wang Tao, a Reuters technical analyst, said.
As for other precious metals, spot silver rose 0.4% to $23.60 an ounce. Platinum rose 1.6% to $1,065.34. Palladium rose 4% to $1,511.40. (Reuters)
