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Gulf Today Report
Gold prices fall on Friday, its second week dropping due to the COVID-19 vaccine announcement and the US Treasury working to end emergency lending programs.
Spot gold plunged 0.1% to $ 1,866.28 an ounce at 6:11 am GMT and was down 1.1% for the week. US gold futures rose 0.3% to $ 1,867.90.
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Gold, which acts as a shield against inflation and currency degradation, has risen 23% this year. This was due to the stimulus injected into the economy.
Stephen Innes, chief global financial services market strategist, said: “It will be a huge bumpy race (for gold) until stimulus comes in. It is now at $ 1,900 by year end. . ”
Silver rose 0.1% to $ 24.12 an ounce. Platinum and palladium rose 0.4% to $ 955.09 and $ 2,333.69, respectively.