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Gold rose on Friday, recovering from its lowest level in more than two months, which it hit in the previous session, but prices are poised to record their biggest weekly drop since month-end of November due to the rising dollar.
Silver is heading for the worst week in three weeks, having fallen sharply from its multi-year high, which it reached earlier this week, thanks to increased interest from individual dealers.
Spot gold rose 0.3% to $ 1,796.77 an ounce at 06.22 GMT, after falling more than 2% to its lowest level since December 1 on Thursday. And US gold futures gained 0.3% to $ 1,797.
The yellow metal posted a weekly decline of 2.6%, the biggest drop since the week ending November 27.
“There is a technical recovery as investors believe Thursday’s drop was overdone, but the overall trend for gold remains bearish due to the rising dollar and yields,” Margaret Yang, strategy told Daily Fix. .
The dollar is heading towards its best weekly performance in three months, as US Treasury yields have risen.
Silver rose 0.4% in spot trading to $ 26.40 an ounce, but was down 2.1% for the week. Prices have fallen nearly 12% from their nearly eight-year high of $ 30.03 on Monday.
Platinum added 0.6% to $ 1,104.15 and palladium gained 1% to $ 2,305.21. The two miners are heading towards recording their best weekly performance in five weeks.
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