Gold eyes 5% weekly gain, set for fifth straight advance

Gold futures surged more than 1% to around $4,625 an ounce on Friday and were on track for a 5% weekly gain, marking a fifth consecutive weekly advance. Safe-haven demand strengthened amid volatility across currency and bond markets, while rising oil prices added to inflation concerns. Gold?s rally accelerated after the US Treasury announced plans to at least double long-term debt buybacks, initially pushing Treasury yields and the dollar lower. The dollar index hovered around 98.6 and was set for a nearly 1% weekly decline, further supporting dollar-denominated gold. Domestic bullion futures climbed above Rs 1,60,000 per 10 grams, gaining more than 1%.

Powered by Commodity Insights