Demand Surge Drives Gold and Precious Metal Prices Up
Gold prices rose today, Friday, following a decline of more than 1% in the previous session, as investors continued to buy the precious metal as a safe haven due to growing uncertainty surrounding the escalation of conflict in the Middle East.
Spot gold climbed to $5,117.27 per ounce after losing nearly 3% of its value this week, ending a four-week winning streak as expectations for interest rate cuts decreased amid inflation concerns with rising global energy prices.
Meanwhile, U.S. gold futures for April delivery increased by 1% to $5,126.70. At the same time, the dollar weakened, making gold denominated in other currencies less expensive, while investors awaited the U.S. jobs report for February later today.
Gold has recorded an increase of about 18% since the beginning of the year, amid successive record levels in light of growing geopolitical and economic uncertainty.
In terms of other precious metals, silver rose in spot transactions by 1% to $84.12 per ounce, while platinum climbed about 1.4% to $2,150.70, and palladium increased by 2% to $1,662.72.
