Gold rises 1% and is on track to record its first weekly gain in five weeks
Capitals, July 3 / WAM / Gold rose by more than one percent, today, Friday, on track to record its first weekly gains in five weeks, amid declining investors’ expectations for a rise in interest rates.
Gold rose in instant transactions by 1.4% to $4,179.94 per ounce by 02:35 GMT, recording its highest level since last June 23.
US gold futures for August delivery increased 1.6% to $4,193.20.
The precious metal is heading to achieve weekly gains of 2.3%, which is its first since the week that began on May 25 last.
The dollar is heading to record a weekly decline, which makes the gold priced in it less expensive for holders of other currencies.
As for other precious metals, silver rose in spot transactions 2.3% to $62.43 per ounce, platinum increased 2.7% to 1660.05, and palladium rose 1.3% to 1284.40.
The three metals are at their highest levels in more than a week and are heading for weekly gains.
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