Gold rush? Price on track for biggest weekly gain since 2013
Gold’s move higher came despite a dollar up 0.5 percent against a basket of major currencies. (Shutterstock)
Gold rose to a four-month high on Friday and was set to increase 4.5 percent for the week, its biggest weekly gain since August 2013, as investors sought safety from volatility in wider markets after Switzerland unexpectedly abandoned a cap on the franc.
Spot gold was up 1.3 percent at $1,277.16 an ounce at 2:27 p.m. EST (1927 GMT), after touching a four-month high of $1,281.50 earlier in the day. On Thursday, the metal rose 2.6 percent, the most in six weeks, after the Swiss National Bank’s move.
Read the full text news resource site…
Source News: Alarabiya
