Gold rises in price amid uncertainty in the economy, dollar decline

Gold rises in price amid uncertainty in the economy, dollar decline

Gold rises in price amid uncertainty in the economy, dollar decline

(Reuters) – Gold prices rallied Friday on a weakening dollar and lingering concerns over the global economic recovery following the coronavirus pandemic.

The spot gold price rose 0.55% to $ 1.953.21 per troy ounce by 13:23 Moscow time and could end the week with a rise for the second week in a row.

Gold is receiving support from a weak dollar, but prices are likely to remain “in the range of $ 1,860 to $ 2,000” an ounce, said ActivTrades chief analyst Carlo Alberto de Casa.

“The scenario remains unchanged, the main trend is still positive,” he said.

It became known on Thursday that the number of jobless claims in the United States over the past week decreased less than forecast, which put pressure on the dollar and increased the attractiveness of gold as an alternative instrument for investment.

Palladium fell 0.19% to $ 2.331.18 an ounce, while silver added 0.05% to $ 27.11 an ounce. Platinum rose 0.07% to $ 940.89 an ounce.

(Nakul Ayer. Translated by Vladimir Sadykov. Editor Anna Kozlova)

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