Gold climbed more than 1 per cent on Friday as the US dollar retreated to a near three-week low and increased bets for fresh US stimulus pushed investors to bullion as a hedge against likely inflation.[BENGALURU] Gold climbed more than 1 per cent on Friday as the US dollar retreated to a near three-week low and increased bets for fresh US stimulus pushed investors to bullion as a hedge against likely inflation.
Spot gold rose 1.5 per cent to US$1,920.92 per ounce by 1.31pm EDT , en route to a second straight weekly gain, of about 1.2 per cent. US gold futures settled up 1.6 per cent at US$1,926.20. "It seems like a lot of optimism is being built around it " and"that's really at the forefront" of gold's move, said Eli Tesfaye, senior market strategist at RJO Futures.
A further drop in the US dollar could add more fuel, and given the strong technical momentum, bullion could soon hit highs seen in August, Mr Tesfaye added. After stalling talks with Democrats on a comprehensive aid package earlier this week, US President Donald Trump called for a"skinny" relief bill that would include a bailout of the struggling airline sector.
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