Gold gains for fourth consecutive week, up 1.3%

Gold returned to positive territory on Friday after a negative break in yesterday’s session, with the precious metal posting gains for a fourth straight week.

In particular, Mr gold U.S. crude for December delivery rose 0.5% on Friday, or $8.30, to settle at $1,815.50 an ounce. For the week, gold gained 1.3% in its longest winning streak since the corresponding period ended Dec. 31, 2021, according to Dow Jones Market Data.

Gold’s rally began in late July following the announcement of the latest rate hike by the US Federal Reserve.

“Rising interest rates and a stronger dollar provided headwinds for the precious metal in the first half of the year, offsetting the boost given to gold by the inflation rally and geopolitical crisis,” BCA Research analysts said in a note on Friday. .

However, a 3% drop in the dollar in mid-July, easing concerns about the path of inflation and a fall in the 10-year Treasury yield pushed gold to +5.7% over the past three weeks, according to the BCA, which pointed to gold’s appeal as a safe-haven investment, with geopolitical risks raging in the shadow of the war in Ukraine.

“Gold will continue to move higher as recent dollar downtrends and interest rate hikes continue,” they added.

It is noted that the dollar strengthened by 0.5% today, limiting the weekly losses to 0.9%.

As for the rest of the metals, the silver saw the contract for September delivery add 35 cents, or 1.7%, to $20.70 an ounce on Friday, while the palladium September fell $69, or 3%, to $2,219.40 an ounce.

Marginally upward contract of October platinum at 957.40 dollars an ounce, while o copper for September delivery lost 4 cents, or 1%, to settle at $3.67 a pound.