Investing.com – This week precious metals traders will be watching developments around global trade tensions and geopolitical risks, as well as moves in the U.S. dollar, after gold prices ended higher on Friday, notching up a weekly gain of more than 1%.
Safe haven demand for the yellow metal was underpinned following the recent selloff in equity markets, a steep fall in oil pieces and mounting uncertainty over the outlook for the global economy arising out of trade tensions.
Heightened uncertainty over Brexit also supported safe haven demand for gold.
December gold futures ended up 0.66% at $1,223.00 on the Comex division of the New York Mercantile Exchange late Friday, for a weekly gain of 1.19%.
The dollar fell against a basket of the other major currencies on Friday after dovish comments by Federal Reserve Vice Chair Richard Clarida, who said he saw some evidence that global growth is slowing.
Clarida also noted that U.S. interest rates are nearing a neutral rate, and being at neutral “makes sense.”
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