Gold is heading towards its biggest monthly gain in 3 years

Arabic and International

Economy News _ Baghdad

Gold edged up slightly on Friday, heading for its biggest monthly gain in more than three years as bets on safe havens strengthened, amid concerns about slowing global growth and hopes central banks around the world will cut interest rates.

The spot price of gold at 06:37 GMT, up 0.2 percent to $ 1530.60 an ounce, heading for gains of more than 8 percent for the month, will be the largest since June 2016.

US gold futures rose 0.3 percent to $ 1,540.80, according to Reuters.

“This is just a technical recovery,” said Vandana Bharti, associate vice president of commodity market research at SMC Comtrade. People see gold as a truly safe haven… and use every retreat as a buying opportunity. ”

Silver rose 0.8 percent in spot trade to $ 18.39 an ounce, after last Thursday hit a peak not seen since April 2017. The metal is on its biggest monthly gain since June 2016.

Platinum rose 1 percent to $ 925 an ounce, after touching its highest level since April 2018 in the previous session. The metal is up more than 7 percent since the beginning of this month, and is heading for the biggest monthly gain since January 2018.

Palladium advanced 0.9 percent to $ 1,487.15 an ounce, but was down for the second month in a row.


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