Gold prices reached their highest level in three weeks on Friday supported by a softer dollar and safe-haven buying, while markets braced for potential economic and interest rate changes from U.S. President-elect Donald Trump.
Spot gold was little changed at $2,654.21 U.S. per ounce early in the day, hitting its highest level since Dec. 13. Bullion is up about 1.3% for the week so far.
U.S. gold futures were steady at $2,668.70.
Trump’s inauguration on Jan. 20 has heightened uncertainty, with his proposed tariffs and protectionist policies expected by many economists to be inflationary and potentially spark trade wars.
Bullion, considered a hedge against economic and geopolitical uncertainties, tends to thrive in lower interest rate environment.
Spot silver rose 0.5% to $29.72 U.S. per ounce. Platinum added 0.9% to $931.45 U.S., and palladium gained 1.4% to $924.06 U.S.. Both metals were on track of weekly gains.
