By 0306 GMT, gold in instant transactions rose 0.7 percent to $2,688.70 per ounce. And it increased gold About five percent on a weekly basis so far, which is its best performance since the beginning of October 2023.
US gold futures rose 0.6 percent to $2,691 per ounce.
Edward Mayer, an analyst at Marex, said that gold derives support from the rise of Bitcoin to about $100,000, and the escalation between Russia and Ukraine.
And it increased Bitcoin by more than 40 percent since the US elections earlier in November, driven by expectations that President-elect Donald Trump will ease regulations on cryptocurrencies.
Russia launched a hypersonic ballistic missile at the Ukrainian city of Dnipro yesterday, Thursday, which led to an escalation of the war, after the United States and the United Kingdom agreed to Kiev’s use of advanced Western weapons to strike Russian territory.
The demand for gold increases in times of geopolitical tensions and economic risks, as well as with low interest rates.
As for other precious metals, silver increased in spot transactions by 0.6 percent to $30.97 per ounce, platinum rose by the same percentage to $966.14, while palladium rose 1.1 percent, recording $1,040.58 per ounce.
The three precious metals are heading for weekly gains.
