Gold fell Friday as the Dollar stabilized, while platinum sealed its biggest weekly gain since March 2020 on expectations of a recovery in demand from the auto sector.
Spot gold fell 0.2% to $1,822.15 per ounce and U.S. gold futures fell 0.2% to $1,823.20.
The dollar remained stable but experienced its largest weekly loss in about two months.
The macroeconomic environment remains favorable and gold prices “will likely resume their upward trend in the coming weeks given our expectations of a further weakening of the dollar,” said Standard Chartered analyst Suki Cooper.
“The market continues to focus on the size and timing of the U.S. fiscal stimulus, inflation expectations, and the progress of the vaccine launch,” he added.
Gold also ended its first weekly gain in three weeks, helped by expectations of a $1.9 trillion U.S. coronavirus relief program, as its inflation hedge status is likely to be driven by a stimulus.
Platinum cash was up 1% to $1246.48 per ounce and finished the week up 10% after jumping to $1268.88 on Thursday. Palladium was up 1.8% to $2386.
Automakers use both metals in catalytic converters to clean car exhaust.
Source Marseille News
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