Gold prices rise on Friday, head for weekly gain

Gold prices rose today, Sept. 30, and are heading for the first weekly gain after a two-week decline, as global economic recession fears boosted demand for the precious metal being a safe haven.

Gold futures for December delivery added 0.72% to $1,680.90 per ounce at 11:12 am Makkah time. Spot prices also advanced 0.69% to $1,672.31 per ounce, gaining 1.73% this week.

Likewise, silver futures for December delivery jumped 2.26% to $19.13 per ounce. The spot price of platinum also rose 1.12% to $874.38 per ounce, while the spot price of palladium gained 1.15% to $2,226.65 per ounce.

On the other hand, the main dollar index, which measures the performance of the US currency against a basket of six currencies, edged down 0.15% to 111.59 points.

San Francisco Fed President Mary Daly said on Thursday in a speech at Boise State University, “Inducing a deep recession does not seem warranted by conditions, nor is it necessary to achieve our goals.”