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* Silver is heading for the first weekly win of four
* Platinum down more than 1%
* Gold up 1.3% so far this week
July 30 (Reuters) – Gold prices hit a two-week high on Friday, with a firmer dollar curbing the rally in the precious metal after US Federal Reserve Chairman Jerome Powell reassured investors that the central bank would remain accommodating for the time being.
Spot gold fell 0.2% to $ 1,824.43 an ounce at 10:05 am EDT. US gold futures fell 0.4% to $ 1,829.30.
But gold was still on course for a weekly gain, hitting a two-week high on Thursday after Powell said the U.S. labor market still had a way to go before the Fed pulled back support.
“Gold looks strong at these levels and the fact that we’re so far above $ 1,800 and the Fed hasn’t really said anything that’s going to change the price of asset purchases or any kind of rise in prices. rate strengthens the market, ”said Bob Haberkorn, senior market strategist at RJO Futures.
Haberkorn, however, said data showing core inflation rising at a slightly slower-than-expected pace last month, coupled with a stronger dollar, was currently weighing on the precious metal.
Gold has traditionally been viewed as a hedge against inflation.
The dollar index, which had fallen to its lowest level a month earlier, rose 0.1%, reducing gold’s appeal to other currency holders.
“The bar remains thin for a pullback in gold as the relatively weak precious metal price action, despite real yields hitting new all-time lows, continues to signal that there is a lack of momentum in gold. speculators to buy the yellow metal, “TD Securities wrote in a note.
Gold competes with government bond yields as a safe haven in times of uncertainty, and lower yields lower the opportunity cost of holding gold, which earns no interest.
Elsewhere, silver was flat at $ 25.52 an ounce and was on course for its first weekly gain in four.
Palladium fell 0.3% to $ 2,637.15, while platinum slipped 1.1% to $ 1,048.50.
Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.
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