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Gold Hits 4-Month High as Dollar Falls
10:04 - 13/01/2018
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Information / Baghdad ..
Gold prices hit their highest level in four months, and a fifth week of gains as the US dollar fell against the euro as a result of an agreement to form a political coalition in Germany.
Palladium jumped to a record high, continuing a bullish trend supported by a lack of supply and an increase in demand from the automotive industry for use in exhausters in gasoline-powered vehicles.
Spot gold rose 1.2 percent to $ 1,338.39 an ounce late in the session, after hitting $ 1339.31, the highest level since September. The yellow metal ended the week up 1.4 percent in the longest winning streak since April.
US gold futures for February delivery rose 0.9 percent to settle at $ 1334.90 an ounce.
The dollar index, which measures the value of the greenback against a basket of six currencies, fell to its lowest level since September 8.
Palladium jumped 3.5 percent to $ 1121.70 an ounce, ending the week with gains of 2.8 percent. During the session, the metal hit a record high of $ 1126.30.
Among other precious metals, platinum rose 1.3 percent to $ 997.30 an ounce after hitting its highest level since Sept. 11 at $ 998.50. It posted its fifth straight week of gains, rising 2.6 percent this week. Ending / 25
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