Gold Prices Record Weekly Gains
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| Gold Prices Record Weekly Gains |
Gold prices rose at settlement on Friday, December 19, closing near their record high and posting weekly gains, despite a stronger dollar and warnings from a Federal Reserve official about potentially distorted inflation data.
Spot gold rose 0.1% to $4,338 an ounce, but posted a weekly gain of 0.9%. U.S. gold futures also rose 0.1% to $4,370.
The dollar jumped to its highest level in more than a week, making dollar-denominated gold more expensive for holders of other currencies. Yields on the benchmark 10-year U.S. Treasury note also rose.
Silver hit a record high in spot trading, reaching $66.89 an ounce. The white metal has gained about 125% since the start of the year, outperforming gold, which has risen about 65% annually. The US Federal Reserve recently cut interest rates by a quarter of a percentage point, its third and final cut this year, a move that typically supports non-yielding assets like gold.
Among other precious metals, platinum rose 0.5% to $1,924 an ounce after hitting its highest level in more than 17 years, while palladium fell 1.1% to $1,677 after reaching its highest level in nearly three years.
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