Gold futures rise, on track for weekly gains

Gold bars

Gold futures rose on Friday, heading for weekly gains after two consecutive weeks of losses.

June gold futures rose 0.45%, or $15, to $3,321 per ounce, while spot gold increased 0.3%, or $9.5, to $3,315.22 at 8:48 a.m. Makkah time.

The U.S. Dollar Index held steady at 100.61 points.

Silver futures for July delivery were flat at $32.60 per ounce. Meanwhile, spot platinum edged up 0.2% to $986.33, and palladium rose 0.5% to $980.27.

In India, traders offered a discount of up to $16 per ounce this week amid a sharp drop in the rupee, which pushed local gold prices higher and dampened retail demand, Reuters reported.

Meanwhile, Chinese gold dealers charged premiums of $42–$49 per ounce above global benchmark prices, driven by strong post-holiday demand.