Gold prices advanced on Friday, as a drop in the U.S. stock market continued to send investors scurrying for the perceived safety of the precious metal.
Gold was poised to climb for the week, which would be its fifth weekly gain in a row.
Gold for February delivery rose $6.10, or 0.5%, at $1,268.40 U.S. an ounce on the Comex division of the New York Mercantile Exchange, with prices up roughly 1.3% for the week. March silver was last up 16.5 cents, or 0.8%, to $20.175 U.S. an ounce, but trading around 0.6% lower than last Friday’s close.
Gold on Thursday jumped to its highest close in more than two months, riding not only the retreat stocks, but also a weaker U.S. dollar and the prospect of India easing curbs on imports.
Separately, platinum for April delivery on Friday shed $27.50 U.S., or 1.9%, to $1,435.70 U.S. an ounce. It’s down 1.3% for the week, but gained over the past two sessions amid a labour strike in South Africa.
Elsewhere in metals trading, March palladium lost $7.60, or 1%, to $738.20 U.S. an ounce, down 1.3% on the week. High-grade copper for March delivery shed about half a cent to $3.28 U.S. a pound, losing 1.9% from a week ago.
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