Sat. Jan 16th, 2021

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Gold is back on track

1 min read

Gold bars

Gold prices firmed on Friday, set for their first weekly gain in four, as growing optimism over a U.S. fiscal stimulus deal pressured the dollar and boosted the metal’s appeal as an inflation hedge.

Spot gold rose 0.2 % to $1,843.99 per ounce by 0310 GMT. U.S. gold futures were up 0.4% at $1,847.90.

Gold has added over 3% so far this week.

“Upward momentum (in gold) is strong partly because of a weakening dollar and prices have been technically oversold, so its also a technical rebound,” said Margaret Yang, a strategist at DailyFX, adding that the metal could find strong support at $1,800 and $1,750.

The U.S. dollar eased on Friday and was set for its worst week since early November, making gold cheaper for other currency holders.

Investors are awaiting U.S. non-farm payrolls data due at 1330 GMT for further clues on the pace of the economic recovery.

Silver rose 0.1% to $24.09 per ounce and was set to climb 6% in the week. Platinum gained 1.3% to $1,043.19 and palladium was up 1.2% at $2,328.82.

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