Gold prices rise amid political turbulence

Dhaka,  Tue,  23 May 2017
Published : 19 May 2017, 13:08:07
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Gold prices edge up amid political turbulence

Gold prices rise amid political turbulence
Gold prices edged up on Friday and were on track for their biggest weekly gain since mid-April as the dollar eased and Asian stocks weakened amid ongoing political turbulence in the United States.

The metal slipped 1.1 per cent on Thursday on profit-taking, its biggest one-day percentage drop since May 3 and snapping a five-day rally.

Spot gold had risen 0.3 per cent to $1,249.76 per ounce by 0329 GMT. It was up about 1.8 per cent for the week, set for its biggest weekly rise in five.

US gold futures were down 0.3 per cent at $1,249.60 an ounce.

The dollar traded above six-month lows against an index of six major currencies on Friday but was down 0.1 per cent after gaining some reprieve overnight, helped by solid US economic data.

Spot gold is expected to test resistance at $1,255 per ounce, as it has stabilised around support at $1,245, according to Reuters technical analyst Wang Tao.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.14 per cent to 850.71 tonnes on Thursday.

Among other precious metals, palladium was down 0.2 percent at $760.53 per ounce. It has slipped 5.6 per cent this week and is on track for its biggest weekly fall since late January.

Platinum is down 0.2 per cent at $930.50 an ounce. It was up 1.2 per cent for the week and is on course to register its best weekly performance since the week ended April 14.

Silver was up 0.4 per cent at $16.60 an ounce, gaining 0.9 per cent for the week so far, according to Reuters.
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