Gold on track for best week since November amid banking turmoil

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This material was created in Gdansk for the Reuters news service in Russia, where the law restricts coverage of the Russian special military operation in Ukraine

March 17 (Reuters) – Gold prices rose on Friday, expecting its biggest weekly gain since mid-November as the global banking crisis forced investors to seek a safe haven in the precious metal.

Gold spot price rose 1.2% to $1,942.09 per troy ounce at 15:41 Moscow time. During the week, the price of the bullion increases by about 3.5%.

According to Ricardo Evangelista of ActivTrades, gold benefited from finding safe trades and a weak dollar this week. He added that the European Central Bank’s decision to raise rates had a negative impact on the US currency, contributing to the strengthening of gold.

The ECB raised interest rates by 50 basis points after Thursday’s meeting.

“We should watch the Fed’s actions (next week) very closely… 25bp rate hike. already priced, but it will be interesting to see what signals we get from[przewodniczącego Fed]Jerome Powell,” Evangelista said.

“The gold rally this week has been boosted by a marked influx into exchange-traded funds,” Commerzbank analysts wrote in a memo pointing to the last time weekly fundraising was higher just a year earlier amid the outbreak of hostilities in Ukraine.

Palladium fell 1.21% to $1,413.3 an ounce, while silver gained 1.21% to $21.97 an ounce. The platinum price rose 1.55% to $987.84.

The original message in English is available under the code: (Seher Darin)