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Gold prices rose on Friday as growing concerns over the spread of the delta strain of the Corona virus and its impact on the economic recovery dampened risk sentiment.
And gold rose in immediate trades 0.3% to $ 1,785.93 an ounce (one ounce) at 05:53 a.m. GMT, now rising about 0.4% for the week. And US gold futures were up 0.3% to $ 1,788.10.
Gold is supported by pessimism about the economy’s medium-term outlook, said Nicholas Frabel, CEO of ABC Bullion.
“However, the market is facing some difficulties in light of concerns about the timing of the stimulus reduction,” he added.
Asian stocks are heading towards their lowest close since November and the worst week since February.
The yellow metal’s gains were limited by the fact that the safe-haven competitor, the dollar, resided near its highest level in more than nine months, capitalizing on concerns over the Corona virus and expectations that the US Federal Reserve would start to fall. reduce stimulus this year.
Gold is seen as a hedge against inflation and currency instability. A reduction in the stimulus measures of the US central bank would put an end to both situations, reducing the attractiveness of gold.
As for other precious metals, silver settled at $ 23.24 an ounce and is heading for the third consecutive weekly decline.
Platinum rose 0.9% to $ 981.69, but was down more than 4% for the week.
And palladium gained 1.2% to $ 2,339.92, but it’s heading for the worst week since March 2020, falling nearly 12%.
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