Gold Rallies to Three-Month High on Weaker Dollar
· Business · Economic Times, Reuters, NDTV Profit
Gold prices surged to a three-month high on Friday, marking the third consecutive weekly increase for the precious metal. Spot gold climbed 1.6% to $4,590.51 per ounce, touching an intraday high of $4,604.18, while U.S. gold futures rose 1.7% to $4,647.00. The rally was driven by a softer U.S. dollar influenced by Treasury buyback strategies and bullish technical momentum above the 200-day moving average of around $4,513. Analysts note that silver and platinum also recorded substantial gains as investors increased allocations to exchange-traded funds.
Why it matters
Fluctuations in gold prices and the U.S. dollar directly impact domestic bullion rates, investment portfolios, and commodity markets globally.
Read the original report — Economic Times
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