Gold heading for best year since 2010


FE Team | Published: December 29, 2017 15:16:44


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Gold were on track for their best year since 2010 on Friday, driven higher over the past 12 months mainly by a weaker dollar and safe-haven buying prompted by global political uncertainties.

Spot gold was up 0.1 per cent at $1,295.45 an ounce at 0735 GMT, having hit its highest since Nov. 29 at $1,296.26.

US gold futures were steady at $1,297.50 an ounce, reports Reuters.

Gold, which is also on track for its best month since August, has benefited from technically-driven momentum as well as the dollar downtrend, analysts said.

Spot gold has gained more than 1.7 per cent so far this week, heading for its third straight weekly rise, and added more than 12 per cent for the year.

Among the precious metals, palladium has been the best performer this year, rising more than 57 per cent due to strong demand from autocatalyst makers amid production shortages.

Spot palladium rose 0.2 per cent to $1,067.58 an ounce on Friday, having hit its highest since February 2001 at $1,072 in the prior session.

Spot silver fell 0.2 per cent to $16.83 on Friday.

Prices hit their highest in over a month on Thursday at $16.88 an ounce.

Spot platinum rose 0.3 per cent to $926 on Friday, after touching a more than three-week high in the previous session at $927.50 an ounce.

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