This week metals traders will be watching developments around global trade tensions and geopolitical risks, as well as moves in the U.S. dollar, after gold prices moved up more than 1% last week.
Safe haven demand for the yellow metal was underpinned following the mounting uncertainty over the outlook for the global economy.
December gold ended up 0.66% at $1,223.00 on the Comex division of the New York Mercantile Exchange late Friday, for a weekly gain of 1.19%.
The dollar fell against a basket of the other major currencies on Friday after dovish comments by the Federal Reserve about evidence that global growth may be near zero.
The U.S. greenback’s strength against a basket of six major currencies, was down 0.5% to one-week lows of 96.31 in late trade, to end the week 0.43% lower.
A weaker dollar can make dollar denominated assets, like gold, less expensive to potential buyers holding other currencies.
Palladium hit record highs on Friday and amid concerns over a supply shortage. The metal is used in catalytic converters which reduce harmful emissions in gasoline engines.
Palladium futures hit a high of $1,168.30 and settled at $1,154.6, up 1.51% for the day, to end the week with a gain of 5.4%.
Silver settled up 0.83% at $14.382 a troy ounce, to end the week with a gain of 1.81%.