Gold, Silver Head for Weekly Rallies as Dollar Drop Spurs Demand

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Gold, Silver Head for Weekly Rallies as Dollar Drop Spurs Demand

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PT. Equityworld Futures – Gold and silver were poised for the biggest weekly rallies since January as declines for the dollar increased the appeal of precious metals as alternative investments.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, headed for the steepest weekly drop since 2011.

Gold and silver prices declined last week as investors exited in anticipation of an increase for borrowing costs. Higher rates cut gold’s allure because the metal generally offers returns only through prices gains, sending investors to assets with better yield prospects such as bonds.

Gold futures for April delivery rose 1.1 percent to $1,181.30 an ounce at 10:29 a.m. on the Comex, heading for a weekly advance of 2.5 percent. That would be the biggest gain since Jan. 16.

Silver futures for May delivery jumped 3.3 percent to $16.645 an ounce on the Comex, poised for a weekly increase of 7.4 percent, also the most since Jan. 16.

The Bloomberg Commodity Index of 22 raw materials rose as much as 1.5 percent.

sumber : ewfpro.com

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