Gold records the second weekly gain
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| Gold Prices |
Gold prices rose during trading on Friday, May 17, at settlement, supported by Chinese stimulus measures, recording weekly gains for the second time in a row, thanks to renewed hopes for lowering US interest rates. Silver also breached the $30 per ounce barrier at its highest level in 11 years.
Spot gold prices rose to $2,414 per ounce, and US gold futures contracts increased during Friday trading at settlement by 1.3% to $2,417.
The market rose after China announced "historic" steps to stabilize the real estate sector affected by the crisis, a major consumer of industrial metals and gold. Bullion prices have risen by 2% so far this week.
Gold is moving higher despite the (rising) dollar and yields. In this case, the Chinese stimulus helped, as we also see other (base) metals doing very well.
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