Gold futures continued to rise Friday, extending weekly gains as stocks languished. With risk aversion picking up, gold has jumped to highest in more than a month due to its safe haven appeal
August gold climbed $9.40, or 0.8%, to settle at $1,254.90/oz, having picked up 2% this week. Silver has also rallied, fighting back from yearly lows over the past two weeks.
Commodities were boosted this month by a weaker U.S. dollar. The greenback has dropped sharply this summer amid renewed speculation the Federal Reserve will keep interest rates on hold until at least December.
The material has been provided by InstaForex Company – www.instaforex.com