Gold continued to climb on Friday afternoon, hitting its strongest in 15 months while the dollar continues to weaken.
– The spot gold price was last at $1,284.20/1,284.60 per ounce, up $17.70 on Thursday’s close. Trade has ranged from $1,265.10 to $1,287.2 – its highest since February 3, 2015 – so far today.
– The dollar has been under pressure since yesterday after the Bank of Japan (BoJ) unexpectedly did not announce more stimulus measures – the dollar index was last at 93.20.
– “The trend should remain upward in the medium term because the macro backdrop, which is vulnerable to growing political risks, should continue to boost speculative and investment interest,” FastMarkets analyst Boris Mikanikrezai said.
– The other precious metals were also at multi-month highs – silver at $17.815-17.835 was up 25 cents and its highest since January last year. Platinum rose $23 to $1,070/1,075 – its highest since July – and palladium climbed $7 to $626/631, its highest since November.
(Editing by Mark Shaw)
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Source: Bullion Desk News
