Gold gained on Friday and was poised for a third straight weekly rise as a softer U.S. dollar, falling Treasury yields and a dip in equities after U.S. President Joe Biden’s proposal to hike capital gains tax encouraged investors to flock towards bullion.
Spot gold was up 0.2% at $1,787.11 per ounce overnight Friday, after hitting its highest since Feb. 25 at $1,797.67 on Thursday. The metal has gained about 0.6% so far this week.
U.S. gold futures rose 0.4% to $1,788.10 per ounce.
Switzerland in March recorded its biggest monthly gold exports in 10 months as shipments to India leaped to their highest since 2013, Swiss customs data showed.
Uzbekistan’s central bank will resume gold sales when it feels the price of the metal is peaking.
Global silver demand will rise this year to its highest since 2015, the Silver Institute said in a report on Thursday.
Palladium rose 0.1% to $2,840 U.S. per ounce but was off a record $2,891.50 hit on Thursday. Many analysts expect a further run towards $3,000 per ounce as automakers ramp up purchases of the metal, worsening a supply shortage.
Silver eased 0.3% to $26.10 U.S. per ounce. Platinum was little changed at $1,203.10 U.S.
