Gold prices rose sharply on Friday, supported by a weaker American dollar and optimism over a new U.S. coronavirus relief package after President Donald Trump said talks with Congress had restarted.
Spot gold gained 0.9% to $1,910.96 U.S. per ounce overnight, up 0.7% for the week. U.S. gold futures were up 1.2% at $1,916.90.
In an interview, Trump said there was a good chance a deal over COVID-19 relief could be reached, but gave no details of such a pact.
Meanwhile, House of Representatives Speaker Nancy Pelosi said legislation to help airline companies survive the pandemic fallout could only move through Congress with guarantees that a comprehensive aid bill would be developed, too.
Gold, widely viewed as a hedge against inflation and currency debasement, has surged nearly 26% this year, boosted by unprecedented stimulus from governments and major central banks to cushion the pandemic’s economic impact.
A widening lead for Democratic presidential candidate Joe Biden was also seen as opening the way for a big economic stimulus.
Silver rose 2.1% to $24.33 U.S. per ounce and was up 2.6% for the week. Platinum was up 1.3% at $873.65 U.S. and palladium was 0.3% higher at $2,380.36 U.S.
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