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Gold Set to Gain for 5th Week

Gold Set to Gain for 5th Week

Gold prices gained for the third session in a row on Friday to their highest since September as the weakening dollar attracted investors to purchase the yellow metal. Bullion is poised for its fifth weekly gain.

Spot gold climbed 0.3 percent to $1,326.68 per ounce. Prices increased to their highest since Sept. 15, 2017, at $1,327. The precious metal is 0.5 percent higher for the week so far and the streak of weekly gains is the most since the week ending April 14.

U.S. gold futures rose 0.3 percent to $1,326.90 per ounce.

Spot gold is expected to test a resistance at $1,329 per ounce, with a good chance of breaking above this level and rising more to the next resistance at $1,341, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver climbed 0.7 percent to $17.06 per ounce. Silver is poised for its first weekly loss in five weeks. It is almost one percent lower so far this week.

Platinum increased 0.5 percent to hit its highest since Sept. 12 at $990.20 per ounce. Platinum was on course for its fifth consecutive weekly gain. It has gained 1.7 percent so far this week.

Palladium was 0.4 percent higher at $1,087.95 per ounce, after falling to a more than one-week low at $1,075.50 on Thursday.

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