Gold Heading For Its Best Weekly Performance in 6 Months

Gold prices rose on Friday, May 7, to a two-and-a-half-month high, and is heading to achieve the best weekly performance in 6 months, supported by the decline of the dollar and a decline in US Treasury bond yields, while investors are cautiously awaiting the US nonfarm payrolls report due to be released later today.

Spot gold rose 0.3% to $1820.35 an ounce, after reaching earlier in the session its highest level since February 16th. The metal is up about 3% since the start of the week.

The US gold futures rose 0.3% to $ 1820.70.

As for the other precious metals, palladium rose 0.6% to $2,962.77 an ounce, after hitting an all-time high of $3017.18 earlier this week.

Silver gained 0.6% to $27.47 an ounce, with an increase of more than 6% since the beginning of the week. Platinum was settled at $1253.42.