Gold futures ticked higher in early Friday trade as the dollar weakened, putting the yellow metal on pace to post a solid weekly gain and register six days of gains out of the past seven sessions.
December gold on Comex picked up $3.10, or 0.3%, at $1,118.70 U.S. an ounce, and was on track for a weekly gain of 2.25%.
September silver gained four cents, or 0.3%, to $15.44 U.S. an ounce, on track for a weekly gain of 4.2%.
Gold’s move on Friday comes as the ICE U.S. Dollar Index which is a measure of the dollar’s strength against a basket of six rival currencies was inching 0.3% lower to 96.1790 in early trade. A weaker dollar can be a boon for gold making the precious, dollar-denominated metal more enticing to buyers in other currencies.
In addition to the dollar, the metal also enjoyed a bounce from haven demand as China’s moves to allow its currency to depreciate, begun Tuesday, spurred turmoil. Beijing guided its currency lower for three straight days amid concerns about the hearth of the world’s second-largest economy and a worries that its currency maneuvers might have dire effects on the monetary units of other countries.
However, at least momentarily, those fears have begun to subside, resulting in gold snapping a five-day winning streak Thursday.
In other metals, October platinum added $1.30, or 0.1%, to $996.30 U.S. an ounce, on pace for a weekly gain of 3.6%, while September palladium tacked on $5.75, or 0.9%, to $621.45 U.S., eyeing a weekly gain of 4.1%.
Meanwhile, high-grade copper for September delivery was fractionally lower, or off 0.2%, at $2.35 U.S. a pound, but still on track for a weekly gain of 0.8%.
