Gold prices rise, on track for best weekly performance in a month

Gold bars

Gold prices rose on Friday, heading for their best weekly performance in a month amid uncertainty over the US fiscal situation.

Futures prices for the yellow metal for June delivery climbed by 0.7%, or $23.60, to $3,332.10 per ounce, aiming for weekly gains of around 3%.

Spot gold prices rose by 0.75%, or $25.21, to $3,319.73 per ounce as of 8:38 am KSA time.

Meanwhile, the US Dollar Index—which measures the greenback’s performance against a basket of six major currencies—fell by 0.35% to 99.59 points, on track for weekly losses.

Silver futures for July delivery rose by 0.45% to $33.37 per ounce, while spot prices for platinum added about 0.7% to $1,089.53. Palladium also gained 0.2% to $1,014.46.

This comes after the US House of Representatives on May 22 passed a wide-ranging tax and spending bill, which includes a significant portion of President Donald Trump’s political agenda and adds trillions of dollars to the national debt, according to Reuters.