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Weak Dollar Spurs Gold's 4th Weekly Gain

Written by Staff Writer

GoldGold set for fourth weekly gain on softening dollar -Reuters
"Gold rose on Friday as the dollar slipped on expectations that brakes could soon be applied to U.S. interest rates, putting the non-yielding metal on track for a fourth straight weekly gain. The dollar slipped against other major currencies, impaired by Fed Chairman Jerome Powell’s comment that the central bank could be patient on rate policy.

'Gold rose on a somewhat weaker dollar, but at the moment it seems to be trying to overcome the $1,300 hurdle,' said Commerzbank analyst Daniel Briesemann. The precious metal was also supported by increasing market nervousness over U.S. President Donald Trump's demand for a wall to be built on the border with Mexico. Trump threatened on Thursday to use emergency powers to bypass Congress to pay for the proposed wall....Gold, which is used as a safe-haven investment during times of economic, political and financial uncertainty, is up about 0.6 percent for the week."