Gold surged after US GDP data

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Precious metals rose on Friday on Fed easing speculation after US economy posted slower than expected expansion in Q2. Moreover, hopes that the ECB will ease its monetary policy further spurred precious metals.

Gold rallied to near six-week high after Angela Merkel and Francois Hollande reported that they will do everything possible to save the Euro. US monetary stimulus talks also boosted the yellow metal's price.

Silver moved in tandem with gold, advancing 0.75%. The white metal found support on global easing speculation and weaker US Dollar.

Platinum ended the week slightly higher amid stronger equities and easing hopes. However, weak quarterly results of the largest South African miners capped the upswing.

Palladium went up as expected easing in the US and EU is likely to boost industrial demand for the metal.

 

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