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Gold tops $4,171 as Middle East safe-haven demand lifts prices
Comex gold rose $95 to $4,171 and was up 3.4% for the week, while Comex silver climbed to $61.70, with weekly gains of 7.5%.
Gold and silver prices extended their rally as safe-haven demand increased amid ongoing Middle East tensions, according to LiveMint Markets. Comex gold futures rose $95 per troy ounce to an intraday high of $4,171, lifting the metal's weekly gain to 3.4%.
LiveMint Markets said the market was also supported by technical buying after gold gained roughly $60 in the prior session, and the outlet noted that holding above current levels through the week could mark gold's biggest weekly advance in nearly two months.
Silver extended its winning streak for a fourth consecutive session, with Comex silver futures up $2.16 to $61.70. The outlet reported weekly gains of 7.45%, and said that if the move continues it would be silver's strongest weekly performance since late February.
Investors are also watching upcoming monetary policy signals, LiveMint Markets added. It cited expectations for the Federal Reserve to leave interest rates unchanged at next week's two-day meeting, while traders see about a 68.0% probability of a rate hike at the September meeting, with Fed Chair Kevin Warsh emphasizing inflation as a key concern.
Latest closeGold $4,117.00 ▲1.1%|Silver $59.51 ▲1.1%