Rally continues as spot gold and US gold futures rise amid weaker dollar
Bengaluru — Gold smashed a record high on Friday as a safety rush fuelled by the worsening coronavirus pandemic and its mounting economic toll gathered pace and put bullion on track for its longest weekly winning streak in nearly a decade.
Silver too continued its stellar run. It rose as much as 3.1% to $29.84, adding nearly 19% so far this week in what would be its best week since 1987. “Whilst the pace of the rally may slow, there certainly does seem further upside in the near term, and for the remainder of the year.” Gold is likely to hover around $2,020/oz to 2,080/oz in the near term, said National Australia Bank economist John Sharma.
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