Mumbai, 19 Apr (Commoditiescontrol): Gold prices gained on Friday, on track for their fifth weekly gain, with investors gravitating towards safe-haven assets as political uncertainty in the Middle East overshadowed pressures from the prospect of higher-for-longer U.S. interest rates.
Spot gold was up 0.4% at $2,388.49 per ounce. U.S. gold futures edged 0.2% higher to $2,403.30 per ounce. Bullion rose 3% so far this week.
The U.S. announced new sanctions on Iran, targeting its unmanned aerial vehicle production after its attack on Israel.
Federal Reserve policymakers have rallied around the idea of holding borrowing costs where they are until probably far into the year, given slow and lumpy progress on inflation and a still-strong U.S. economy.
The number of Americans filing new claims for unemployment benefits was unchanged at low levels last week, pointing to continued labor market strength.
Atlanta Federal Reserve Bank President Raphael Bostic said that if inflation progress stalls, central bankers would need to consider an interest rate hike. Higher interest rates reduce the appeal of holding non-yielding gold.
Silver may have the power to reach the $30-per-ounce milestone after its 26% surge in March-April on the back of gold's record run and copper's strength, even though analysts say the metal is ripe for a technical correction.
South Africa's Sibanye Stillwater will close its 4 Belt shaft at Marikana and shed 855 jobs after failing to return it to profitability due to low platinum group metal (PGM) prices.
Asian markets will hope to end a bruising week on a positive note, but fraying global sentiment and a reluctance to take on much risk ahead of the weekend amid persistent Middle East tensions could limit any upside.
Spot silver rose 0.7% to $28.41 per ounce, platinum was up 0.6% at $940.70, while palladium fell 0.6% at $1,016.25.
(By Commoditiescontrol Bureau: 09820130172)
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