Precious metals are on track to post small weekly gains as the US dollar tumbles on the final trading session of the week. It has been a rough start to July for gold and silver, but the metals are looking to rebound, even as the US central bank prepares for another rate hike.
August gold futures surged $13.40, or 1.10%, to $1,230.70 at 13:38 GMT on Friday. The yellow metal is poised to record a weekly gain of about 1% — gold prices have declined for the last five trading weeks.
Silver is also rallying to finish off the trading week. September silver futures rose $0.28, or 1.79% to $15.97 per ounce. The white metal is getting ready to report a weekly advance of about 2%. The sister commodity to gold slipped to a 16-month low last week with a weekly drop of 6.8%.
Despite stocks holding near record highs, the precious metals are being supported by a weaker US dollar. The greenback shed 0.53% on Friday, which helps
Although the Federal Reserve will likely raise interest rates at least once more this year, Fed Chair Janet Yellen noted that the
Gold is sensitive to a
The yellow metal had a
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