Political drama in Washington unsettle investors, strengthens gold
As political drama grips Washington, investors went into a tizzy, but gold rose on Friday and was set to end the week on a slightly higher note.
The political uncertainties in the US is likely to hit the morale of the market in the coming few days, believes the experts. The demand for the bullion soared when the US market is passing through a policy paralysis and dollar headed for its strongest week this year.
Spot Gold was 0.30% to $ 1228.01 per ounce. Gold jumped 0.5% in the last session.
U.S. Gold Futures for June delivery contributed $3.50 to settle at $1227.70 per ounce.
New applications for U.S. jobless benefits tumbled last week, while producer prices ricochet strongly in the month of April, pointing to a squeezed labour market and rising inflation that could push the Federal Reserve to hike interest rate.
Silver spiked 0.88% to$ 16.43, Platinum rose 0.03% to $ 914.80 & palladium gained 0.22% to $ 803.25