Gold futures are ending the final trading session of the week higher. Thanks to political uncertainty and a weaker US dollar, the yellow metal is trading at its highest level in nearly a month and will record its third straight weekly gain.
June gold futures climbed $9.70, or 0.77%, to $1,266.10 per ounce at 16:59 GMT on Friday. Gold prices are trading at their highest levels since May 1. The yellow metal is poised to report a 1.1% weekly gain, which would be the third straight one.
Silver is also rallying to end the trading week. July silver futures rose $0.10, or 0.62%, to $17.30 an ounce. Silver prices are set to post a weekly gain of a little more than 3%.
Precious metals are benefiting from investor fears over political uncertainty. US President Donald Trump will meet with his G7 counterparts in Sicily this weekend. Experts say that it will be a difficult meeting, especially after the president accused Germany of maintaining “very bad” trade policies.
Recent reports also suggest that President Trump’s
Over in the UK, recent polls suggest that the Conservatives have seen their wide lead over the Labour Party dwindle to just 5%. This is making many investors nervous over potential unseen outcomes.
The yellow metal has further been supported by a declining greenback. The US dollar has dipped 0.45% and is trading at a
Gold prices were capped by raised expectations that the Federal Reserve will raise interest rates at next month’s Federal Open Market Committee (FOMC) meeting. According to the CME Group FedWatch tool, there is now an 88% chance that the US central bank will raise rates.
Gold is sensitive to a
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