The global price of gold closed higher at the end of trading on Friday, as the yellow metal turned higher after its decline earlier in the session, as investors rushed to buy to take advantage of the price decline, while demand for the precious metal continued as a safe haven due to economic risks, including fears of lagging. The US government to pay the debt, according to Reuters.
The price of an ounce of gold
At the close, the spot gold price rose 0.1% to $2018.29 an ounce, after falling 0.7% earlier in the session.
The global price of gold
The price of gold rose in US futures contracts by 0.2%, to 2023.40 dollars.
“Gold saw some stability here this morning, with some buying after the decline,” said Bob Haberkorn, senior market analyst at (RGO Futures).
Gold closed lower in the past two sessions as the rival safe-haven dollar rose to its highest level in a week, making bullion less attractive to buyers holding other currencies.--
US Treasury Secretary Janet Yellen said there is still uncertainty about when the liquidity needed to pay off government debt will run out, and the date could be June 1.
Gold usually makes gains during times of economic or financial uncertainty.
As for other precious metals, spot silver fell 0.1% to $24.14 an ounce, recording the worst week in seven months, with a loss of 6%.
Platinum fell 1.8% to $1,074.33. Palladium also fell 1.6% to $ 1526.94, but both are on the way to achieving weekly gains.