WASHINGTON (dpa-AFX) - Gold Futures oscillated heavily on Friday and are currently trading in the overnight green zone amidst a renewed flight to safety. Markets in the meanwhile have their eyes on the geopolitical situation in the Middle East as well as talks between the U.S. and Iran that have started off in Oman.
The dollar index, in the meanwhile is hovering close to the flatline, strengthening the demand for the yellow metal. The six-currency Dollar Index which measures the U.S. dollar's strength against a basket of currencies is currently trading flat at 97.82. During the day, the index traded between 97.75 and 97.88 as markets digested Wall Street's tech sell off on Thursday attributed to worries about AI spends as well as AI-led disruptions.
Gold Futures for April settlement are currently trading at $4,922.24, adding 0.67 percent from the previous close of $4,889.50. While the day's trading ranged between $4,671.74 and $4,924.55, the 52-week trading ranged between $2,866.30 and $5,626.80. Gold Futures had touched an all-time high of $5,626.80 on January 29.
The day's price movements have resulted in a weekly gain of 3.6 percent, a monthly addition of 10.2 percent and a year-to-date price gain of 12.1 percent. The yellow metal has witnessed a price jump of close to 162 percent over the 3-year horizon.
Spot Gold is currently trading 2.5 percent higher on an overnight basis at $4,902.19 per troy ounce. While the day's trading ranged between $4,654.86 and $4,903.15, the 52-week trading ranged between $2,832.63 and $5,595.46. Spot Gold had touched an all-time high of $5,595.46 on January 29.
At current prices, Gold Futures have added 70 percent and Spot Gold has gained more than 71 percent over the past year.
Prices of other precious metals continued to whipsaw. Silver futures for March settlement declined 2.9 percent whereas Platinum Futures for April settlement recorded an overnight dip of 2.3 percent.
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