Home / World News / Gold poised for best week in over 3 months on soft dollar, stimulus bets

Gold poised for best week in over 3 months on soft dollar, stimulus bets

Prices have risen more than 4% this week, putting gold on course for its longest winning streak since late 2011

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Gold tends to benefit from widespread stimulus measures from central banks as it is perceived as a hedge against inflation and currency debasement.

Brijesh Patel | Reuters

2 min read Last Updated : Jul 24 2020 | 1:43 PM IST

Gold was headed on Friday for its biggest weekly gain in more than three months as it steadied near a nine-year high, benefiting from a weak dollar and inflation expectations due to stimulus for virus-battered economies.

Silver eyed its best week since 1987, with additional impetus coming from bets for a revival in industrial activity.

Spot gold was little changed at $1,885.32 per ounce by 0559 GMT, having hit its highest since September 2011 at $1,897.16 on Thursday.

Prices have risen more than 4% this week, putting gold on course for its longest winning streak since late 2011.

"The basic logic has to do

Topics : Coronavirus gold silver prices US Dollar Economic stimulus Gold futures

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