The Evergrande Crisis Boosts Gold Amid USD Decline

Gold compensated some of its losses after declining 1% in the previous session, supported by the weakness of the dollar and the return of concerns about the fate of the Chinese company Evergrande to the fore, which strengthened the position of the yellow metal as a safe haven.

And gold rose in spot transactions 0.7 percent to $ 175473 an ounce, while US gold futures rose 0.3 percent to $ 1755.10.

The dollar index remained near a one-week low during the previous session, making gold cheaper for holders of other currencies.

This is the opposite of what happened on Thursday when gold fell to its lowest level in more than a month when increased bets on rising US interest rates largely overshadowed the dollar’s decline, which is unusual.

As for other precious metals, silver rose 0.8 percent to $22.66 an ounce, up 1.2 percent so far this week.

Palladium rose one percent to 2003.27 dollars, but it is on track to incur its third consecutive weekly loss.

Platinum fell 0.6 percent to $983.29 an ounce, but it is on track to end two consecutive weeks of decline.