Gold extends highs
Gold and silver extended their recent highs on Friday as investor inflows continued.
The yellow metal climbed US$11.60 to US$1,275.50/oz in London, with silver up 27 cents at US$17.32/oz. Both metals are at their highest levels since mid-May.
Gold's recent gains reflect higher risk aversion, weak stock markets and falling bond yields, Commerzbank said, with silver being pulled up by gold.
"Inflows into the gold ETFs [exchange traded funds] are also showing no signs of abating," the bank added, with funds tracked by Bloomberg topped up by 5.8t yesterday (Thu) in their eighth consecutive day of inflows.
The precious metals proved resilient in the face of a stronger US dollar, which has gained about three-quarters of a cent in two days to around 88.5 euro cents.
FED FOCUS
Investors will be looking ahead to next week's US Federal Open Market Committee meeting for an indication of the likely timing of interest rate rises.
Gold and silver have risen significantly since last week's weaker-than-expected US jobs report for May, following which the dollar slumped and speculation about a June rate hike evaporated.
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