SINGAPORE (Commodity Online) : Gold prices are heading for a fourth straight weekly gain Friday, mainly on reports of weak global economic recovery,that boosted gold’s safe haven appeal.
Spot gold was seen trading at $1543.41 an ounc eat 2.00 p.m Singapore time while gold futures for August delivery on the comex division of Nymex was at $1544.37 an ounce.
Silver prices also advanced as spot silver was seen trading at $37.66 an ounce after climbing as high as $37.86 in early trade. The price is up about 3.8 percent this week, rebounding from a 4.6 percent loss last week.
Cash platinum rose as much as 0.5 percent to $1,848.25 an ounce, the highest level since May 4, and last traded at $1,846.35 an ounce. Palladium for immediate delivery gained 0.2
Analysts said the precious yellow metal also advanced on continuing sovereign-debt crisis in Europe as The European Central Bank signaled a July interest rate increase even as higher borrowing costs may exacerbate the crisis that’s threatening to push Greece toward a default.
The European Central Bank on Thursday left the interest rate at 1.25% for a second straight month, meeting market expectations.
On Thursday, gold futures settled slightly higher as gold contract for June delivery rose $4, or 0.3%, to settle at $1,542.10 a troy ounce on the Comex division of the New York Mercantile Exchange.
