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Business & Economy

Gold prices increase

1 kg. gold bars are seen on a production line in Ahlatci Metal Refinery in the central Anatolian city of Corum, Turkey, in this May 11, 2017 photo. (Reuters)
LONDON: Gold rose on Friday and was on track for its best week as the dollar softened on political turbulence in the US, boosting bullion’s safe-haven appeal.
Spot gold was up 0.5 percent at $1,253.31 per ounce, as of 1358 GMT, putting it up 1.9 percent for the week. US gold futures slipped 0.1 percent to $1,251.60 an ounce. Gold is often seen as an alternative investment during times of geopolitical and financial uncertainty, gaining alongside bond yields and the yen while stocks usually take a hit.
The dollar index, which measures the greenback against a basket of six major currencies, was headed for its worst week in nine months while world stocks were set for the first weekly fall in five. New applications for US jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labor market slack.
“Safe-haven buying has provided strong support to gold prices over the past six months,” ANZ said in a note.

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