Friday, 29 April 2016
Bullion Trading Market Live Updates
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Gold held near its highest in a week on Friday and was poised for its biggest weekly rise in eight.
Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.
Among other precious metals, silver was on track for a fourth straight weekly gain, while platinum was eyeing its fifth weekly rise.
Gold jumped to a seven-week high and silver soared to a 15-month high on Friday.
The Federal Reserve's decision on Wednesday to leave interest rates unchanged also supported bullion.
The main reason for the rally is that the markets expected BOJ to announce more easing measures and the dollar is continuing to weaken," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.