Gold futures on Friday were headed higher as the U.S. dollar slipped, helping to partly support bullion buying, even as stock benchmarks saw strong gains.
August gold gained $14.80, or 0.8%, at $1,745.80 on Comex, after slipping 0.3% on Thursday.
The U.S. dollar against six major currencies was lower for the day, off 0.3%, at 97.16, and for the week, down 0.2%. A weaker dollar can lift the appeal of the yellow metal.
In other Comex metals action, July silver rose 36 cents, or 2%, at $17.86 an ounce, after sliding 1.5% a day ago.
For the week, gold is on track for a 0.4% gain, while silver futures were on pace for a 2.1% weekly gain, according to FactSet data.
The move for precious metals come even as stocks, which tend to move in the opposite direction of gold, were rising globally. The Dow Jones Industrial Average and the S&P 500 index were set to open higher on Friday and were on pace for sharp weekly gains.
Some market participants have partly attributed Friday’s rise in bullion to comments from President Donald Trump. The president on Thursday said in a tweet that the U.S. could completely decouple from China, a day after his top trade adviser said such a move wouldn’t be a reasonable policy.
“Trump’s threat could be one factor buoying the safe-haven gold today,” wrote Raffi Boyadjian, senior investment analyst at XM, in a daily research report.
July copper gained 6 cents, or 2.2%, at $2.65 a pound. July platinum rose 2.7% to $834 an ounce and September palladium traded at $1,915.30 an ounce, up 0.4%.