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Gold Set for Fifth Straight Week of Gains

Jan 12, 2018 ( via COMTEX) --

Gold prices rose for a third session on Friday to hit their highest since September, with a slump in the U.S. Dollar helping drive bullion towards its fifth-straight weekly gain.

Spot gold had edged up 0.5% to $1,328.84 U.S. an ounce in the early North American hours, after earlier touching its highest since Sept. 15 at $1,330.34.

The metal is up 0.7% so far this week and is set for its longest run of weekly gains since a streak that finished in the week ending April 14.

U.S. gold futures were up 0.5% at $1,329 U.S. an ounce.

The dollar index, which measures the greenback against six major currencies, fell to its lowest since Sept. 20 at 91.689.

The euro jumped against the dollar as the European Central Bank signaled it could begin to wind down its 2.5-trillion-euro ($3.01-trillion U.S.) stimulus program this year.

A stronger euro potentially boosts demand for gold by making dollar-priced bullion cheaper for European investors.

Experts say spot gold is expected to test resistance at $1,329 U.S. per ounce, with a good chance of rising more to the next resistance level at $1,341.

Among other precious metals, spot silver rose 0.8% to $17.11 U.S. an ounce. Silver is on track for its first weekly loss in five weeks, down 0.6% so far this week.

Platinum rose 0.7% to touch its highest since Sept. 11 at $991.40 U.S. an ounce. Platinum was heading for its fifth straight weekly gain, rising 1.9% so far this week.

Palladium was up 0.5% at $1,088.50 U.S. an ounce, after dropping to a more than one-week low at $1,075.50 U.S. on Thursday.

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