Gold up 5% this week, Silver gained
Spot gold jumped over 1% to $3,214.92 an ounce, as of 0801 GMT, after hitting a record high of $3,219.84 earlier in the session. Bullion is up over 5% so far this week.
“Recession risks are mounting, bond yields are soaring, and the U.S. dollar continues to weaken – all factors reinforcing gold’s role as a crisis hedge and inflation shield,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
“We believe gold has further to run—in the upside case, we target USD 3,400-3,500/oz over the months ahead,” said UBS analyst Giovanni Staunovo.
Spot silver gained 0.4% to $31.31 an ounce, while platinum added 0.7% to $944.35. Palladium gained 1.9% to $925.43.
Source – Reuters