Gold prices rose back above the key $1,500 level on Friday as the U.S. dollar slipped on the back of a strong euro, though hopes for a thaw in Sino-U.S. trade tensions supported equity markets, capping bullion’s gains.
Spot gold rose 0.5% to $1,506.61 per ounce, but was marginally down for the week. U.S. gold futures rose 0.5% to $1,514.30 per ounce.
“The main reason is that the dollar is lower. Market focus is now on the Federal Reserve meeting and retail sales data, which is due today,” ABN Amro analyst Georgette Boele said.
The U.S. dollar slipped from an over one-week high scaled in the previous session as the euro surged on rising German bond yields as investors bet the European Central Bank was done cutting interest rates.
Source : Reuters