Friday was a good day for gold, as it was able to hit a one-week high. However, investors were worried about UK and Brexit. Prime Minister Theresa May plan for Brexit ran into a snag after key ministers from her government chose to resign. Also, eurosceptic lawmakers were doing whatever they could to try and defeat her.
According to ANZ analyst Daniel Hynes, issues surrounding Brexit have opened up safe-haven in the market. Spot gold was able to rise 0.2 percent coming in at $1,215.07 an ounce. Unfortunately, gold futures for the U.S. came in flat at $1,215.3 per ounce.
The dollar index measures the U.S. dollar against six major currencies was at 97. A softer dollar and the U.S. Fed may be showing warning signs of a global risk for 2019.
Friday Was A Good Day For Gold
Investors are also keeping their eye on trade tensions between the U.S. and China. They are looking doe signs of the economic powers coming together instead of apart.
On Friday, Reuters Analyst Wang Tao said that spot gold may be able to edge up to $1,223 an ounce. Doing so will complete a bounce back that was triggered by a channel support that was about $1,192.
However, there are other precious metals, and they haven’t been doing too shabby themselves. Palladium was able to edge 0.3 percent lower than last week, coming in around $1,153.50 an ounce. During the previous session, it was able to hit a record high of $1,178.30 an ounce.
Palladium is on it’s way to having it’s biggest weekly gain since the 21st of September. There was little change to silver. It was at $14.29 at its peak for the week.
Platinum was able to climb 0.1 percent over the session, coming in at $842.3- an ounce. The precious metal was only down 1 percent for the week.