Gold Advances on Easing US Rate Hike Expectations

Doha: Gold prices rose in Asian trading on Friday and were on track for their first weekly gain in five weeks, as expectations of a US interest rate hike eased. Spot gold gained 1.4 percent to USD 4,179.94 an ounce, its highest level since June 23, while US gold futures for August delivery rose 1.6 percent to USD 4,193.20. According to Qatar News Agency, the precious metal is set for a weekly gain of around 2.3 percent, supported by weaker US jobs data, easing inflation, and a softer US dollar, which has increased demand for gold. Among other precious metals, silver rose 2.3 percent to USD 62.43 an ounce, platinum gained 2.7 percent to USD 1,660.05, and palladium advanced 1.3 percent to USD 1,284.40.