Gold jumped more than 1% in price on Friday, surpassing the key $1,350 U.S. level for the first time since April last year, as a spur of weak economic data from both China and the United States, and political concerns in the Middle East raised safe-haven demand.
Spot gold climbed 1.01% to $1,355.49 U.S. per ounce after hitting its highest level since April 11, 2018 at $1,358.04 earlier in the session.
Bullion has risen 1.1% so far this week, keeping the yellow metal on track for its fourth consecutive weekly gain. U.S. gold futures jumped 1.2% to $1,359.50 U.S. an ounce.
On Thursday, Washington blamed Iran for attacks on two oil tankers in the Gulf of Oman, raising concerns about a new U.S.-Iranian confrontation.
Scuffles broke out between demonstrators and police in Hong Kong on Thursday as hundreds of people kept up a protest against a planned extradition law with mainland China.
Meanwhile, China’s industrial output growth slowed to a more than 17-year low of 5% in May, the latest sign of weakening demand in the world’s second-largest economy as the United States ramps up trade pressure.
Among other precious metals, silver gained 1% to $15.04 U.S., its highest in a week. Platinum rose 0.7% to $813.08 U.S.
Palladium climbed 0.4% to $1,450.85 U.S.after hitting its highest since April 29 at $1,453.30 earlier in the session.
The auto-catalyst metal has gained 7% so far this week and is set to post its best week since week ended Sept. 21, 2018.
