Gold futures for April delivery rose $50.50, or 2.6%, to settle at $1,973.50 an ounce on Friday.

(Bloomberg)

[Financial Channel/Comprehensive Report] Gold futures prices closed at the highest level in 11 months on Friday (17th), and set the best weekly gain in nearly three years. The safe-haven appeal of gold.

Gold futures for April delivery rose $50.50, or 2.6%, to close at $1,973.50 an ounce on Friday, the highest closing price since April 18 last year, and rose 5.7% this week, the highest weekly since April 2020 increase.

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Gold prices have surged over the past week as investors piled into safe-haven assets amid mounting stress in European and American banks, as well as a fall in U.S. Treasury yields and the U.S. dollar.

Raffi Boyadjian, chief investment analyst at XM, said that the market is speculating that the Fed will do the same as the European Central Bank did this week, that is, raise interest rates (1 yard) as expected, and then pause interest rate hikes.

Expectations that the Fed's rate hike cycle is coming to an end are weighing on the dollar.

In terms of other precious metals, silver futures for May delivery rose 3.5% to close at $22.46 an ounce, an increase of 9.5% this week; palladium for June delivery fell 1.7% to close at $1386.10 an ounce, an increase of 1.8% this week; 4 Platinum for monthly delivery rose 0.1 percent to $978.60 an ounce, up 1.7 percent for the week.

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