Gold rises in price by 2%, platinum – by almost 5% due to incentives

US, WASHINGTON (ORDO NEWS) — Gold prices rose 2%, while platinum went up nearly 5% on Friday amid a sharp recovery of precious metals after the introduction of global incentives aimed at reducing the economic impact of coronavirus, which supported market sentiment.

The spot price of gold rose 2.1% to $ 1,501.9 per troy ounce by 14:51 UTC.

Platinum rose 4.7% to $ 614.9.

“If your risk appetite increases, you don’t remain in safe haven assets … but with rising stock and bond prices, the pressure on gold is weakening,” said Quantitative Commodity Research analyst Peter Fertig.

The cost of palladium fell 0.86% to $ 1,638.9 an ounce.

Analysts say platinum and palladium prices will remain volatile in the coming months.

Silver rose 4.19% to $ 12.61.

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