Gold and Silver Continue to Advance

Gold prices ended little changed on Friday after a choppy trading session, but still ended the week with a gain of 0.59%, its third straight weekly increase.

December gold futures settled at $1,230.00 on the Comex division of the New York Mercantile Exchange.

The dollar was broadly lower on Friday down 0.36% to 95.38 in late trade.

The index has still risen 0.68% so far this month and has advanced around 4% for the year to date, boosted by Federal Reserve rate hikes, with another expected before the years end.

Interest rate increases and higher U.S. bond yields are usually bearish for gold, which offers no yield. They also tend to boost the dollar, in which gold is priced.

Gold prices have been boosted by weaker stock markets and heightened geopolitical risks, which underpinned safe haven demand for bullion.

Elsewhere in precious metals trading, silver settled up 0.31% at $14.650 a troy ounce, to end the week up 0.1%. Platinum, up slightly, settled at $833.90, 0.26% higher for the day, trimming the week’s losses.

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