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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