“Gold gets more expensive, platinum reaches a decade-plus highGold prices rose 0.4% to $3350.87 per ounce on Friday, while platinum reached its highest level since 2014. The US dollar weakened
by 0.4%, and the EU approved the 18th package of sanctions against Russia.
”, — write: unn.ua
DetailsSpot gold price rose by 0.4% to $3350.87 per ounce as of 10:13 GMT (13:13 Kyiv time) after falling by 1.1% in the previous session. Since the beginning of the week, the value of gold has decreased by 0.1%. US gold futures rose by 0.3% to $3356.70.
The spot price of platinum rose by 0.3% to $1461.77 per ounce, reaching its highest level since August 2014.
“In precious metals, the fair has shifted from gold as a safe-haven asset to silver, platinum, and palladium as alternatives that promote economic growth and are industrial assets,” said Adrian Ash, head of research at the online platform BullionVault.
The US dollar fell by 0.4% during the day, although it showed its second consecutive weekly gain. A weaker dollar typically makes gold cheaper for buyers holding other currencies.
The European Union has agreed on an 18th package of sanctions against Russia in connection with its war in Ukraine, including measures aimed at further harming its oil and energy industry.
Official: EU approved 18th package of sanctions against Russia and named affected sectors18.07.25, 14:37 • 56925 views
“Gold prices are rising amid a weakening US dollar, but remain under pressure from US data released this week, which eased concerns about the resilience of the world’s largest economy,” said Han Tan, chief market analyst at Nemo.Money.
“New EU sanctions against Russia remind market participants that geopolitical risks on the global stage remain evident,” he noted.
Earlier this week, a source told Reuters that US President Donald Trump was ready to fire Fed Chairman Jerome Powell. Trump later said he had no plans to fire Powell, but renewed his criticism of the Fed’s interest rate policy.
Meanwhile, US retail sales in June exceeded expectations, and the number of initial jobless claims also turned out to be higher.
The price of palladium rose by 4% to $1329.88 per ounce, reaching its highest level since August 2023. The price of silver rose by 0.5% to $38.31.