Gold prices have surged to an all-time high, buoyed by a weakening US dollar. The climb follows recent data indicating resilience in the American job market and robust consumer spending. Bullion prices exceeded $US4955 an ounce in early trading, positioning gold for a substantial weekly gain of nearly 8 per cent.
The US dollar experienced a downturn on Thursday after economic data revealed that the American economy’s third-quarter expansion slightly surpassed initial reports. Furthermore, applications for jobless benefits saw a smaller-than-anticipated increase, further contributing to the dollar’s weakness.
The Bloomberg Dollar Spot Index, a key indicator of the US currency’s strength, concluded the previous session with a 0.3 per cent decline. As of 7.10am in Singapore (10.10am AEDT), gold had advanced 0.4 per cent to $US4955.14 an ounce. Silver also experienced a significant surge, jumping 0.6 per cent to $US96.80, reaching its own record high. Platinum and palladium also saw gains.
