Gold advanced the most in more than two weeks amid speculation that China, the world’s biggest consumer, will take more measures to bolster the economy, boosting demand for the precious metal as a store of value.
The final session of the week saw gold dipping sharply as a mild revival in the US dollar’s strength prompted speculators to lock in short-term profits and sel. Friday morning’s low was touched at $1,655 after the yellow metal lost nearly $20 an ounce and fell below its 200-DMA once again.
This morning’s opening in precious metals was showing gold prices marginally higher, spot silver bids somewhat lower, and some mild gains in platinum and palladium. Rhodium fell $25 to $1,275 per ounce.