Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Gold Prices Reach their Highest Level in 17 Months

Gold Prices Reach their Highest Level in 17 Months

Sunday, 28 January, 2018 - 07:30
Gold bars are displayed at a gold jewellery shop in the northern Indian city of Chandigarh May 8, 2012. REUTERS/Ajay Verma

Gold prices rose on Friday after falling from a 17-month high in the previous session as the dollar continued to weaken despite US President Donald Trump's support for a stronger currency.

Gold was up 0.2 percent at $ 1350.40 an ounce in late US trading, ending the week with gains of 1.5 percent.

The metal hit $1366.07 an ounce on Thursday, the highest level since August 3, 2016, but lost its gains after Trump told CNBC in Davos, Switzerland, that he wanted to see the dollar strong.

US gold futures fell 0.78 percent to settle at $ 1452.10 an ounce.

The dollar index, which tracks the performance of the greenback against a basket of six major currencies, hit its lowest level since December 2014 at 88.438 on Thursday. The index fell 0.31 percent to 89,116 in its latest reading.

Among other precious metals, silver rose 0.6 percent in spot trade to $17.40 an ounce. On Thursday, silver touched its highest level in more than four months at $17.69 an ounce.

Platinum rose 0.28 percent to $ 1013 an ounce, after hitting a record high of $ 1,027.60 an ounce in February.

Palladium fell 0.5 percent to $ 1,090.47 an ounce after hitting record highs recently. The metal ends the week on a low.

Editor Picks