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Singapore, March 27 (QNA) – Gold prices climbed more than 1% on Friday, supported by bargain buying and a softer US dollar, though the metal remained on track for a fourth consecutive weekly loss amid rising energy prices and persistent inflation concerns that have reinforced expectations of further global interest rate hikes.
Spot gold rose 1.1% to $4,428.30 an ounce, but is still down about 1.3% for the week.
US gold futures for April delivery also gained 1.1% to $4,423.40.
The uptick was driven in part by a weaker dollar, which makes dollar-denominated gold more attractive for holders of other currencies.
Among other precious metals, silver advanced 1.1% to $68.80 an ounce, platinum climbed 2.1% to $1,865.13, and palladium rose 2.7% to $1,389.80. (QNA)
