Oil prices rose on Friday and went weekly to hit more than $ 1,400 as investors took to buy metal as a safe haven due to the resumption of trade tension between China and the United States as concerns over global growth and possible reduction of the board. Interest rates of the Federal Reserve (Central Bank of the USA).
By 0544 GMT, spot gold increased by 0.2 percent to $ 1406.44 an ounce. Gold since the beginning of this week gained about 0.5%.
Gold gold futures rose by 0.2% to $ 1408,90 an ounce.
"We have a slightly weaker dollar, tension in the Middle East and a renewed US-China trade conflict that lasts for a long time and they all support," said Michael McCarthy, CMC Markets, chief marketing officer.
The head of the Federal Reserve, Jerome Powell, hinted at Thursday that the US central bank would probably lower interest rates at the next meeting, as companies slowed down investment due to trade disputes and slowing global growth.
Meanwhile, US President Donald Trump has said that China has not fulfilled its obligations to buy American agricultural products from American farmers.
The trade conflict spread to global markets and aggravated economic problems, weak economic data from Singapore became the latest evidence of this trend.
The deep nebula is fueled by allegations that Iran is trying to intercept a British tanker, emphasizing the tension in the Middle East after attacks on tankers and the assassination by Iran of an American aircraft in June.
Gold is a safe investment in times of political and financial uncertainty.
The depreciation of the dollar also supports the justification for buying gold, which makes precious metal less expensive for investors who have other currencies.
For the rest of precious metals, silver grew by 0.1% to $ 15.13. Per ounce, and platinum declined by 0.1% to $ 819.50. Per ounce
Palladium dropped by 0.5 percent to $ 1,552.50 per ounce, except for the 16-week high, which was discussed in the previous session.