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Gold Hits 2-Week High on Weak U.S. Data; Palladium Scales Record


Friday, 25 October 2019 13:54 WIB

GOLDEMAS


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Gold hit a two-week high on Friday, holding above the $1,500 ounce psychological level, as weak U.S. economic data fuelled expectations for another interest rate cut by the Federal Reserve later this month, while palladium scaled a fresh peak.

Spot gold touched its highest since Oct. 10 at $1,504.86, but was steady at $1,504.44 per ounce as of 06:07 GMT. The metal has gained 1.1% this week, heading for its biggest weekly gain since the week ended Aug. 20. U.S. gold futures rose 0.2% to $1,507.20 per ounce.

This is the second time in past two weeks that spot gold has crossed the $1,500 level. The metal breached the ceiling for the first time in more than six years on Aug. 7 and hit a record high of $1,557 on Sept.4. Silver rose 0.1% to $17.93 per ounce. Platinum was up 0.4% at $927.71, after scaling a more than three-week high in the previous session.

Source : Reuters


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