Following gold’s rise, silver rose 3.8% to $24.91 an ounce, platinum rose 3.3% to $1,017.91, while palladium rose 0.3% to $1,456.05.
“We are in a very positive environment for gold with slowing economic data and inflationary pressures still high,” said David Meger, director of metals trading at High Ridge Futures.
Gold’s appeal, especially among cross-currency traders, was heightened by the dollar’s decline, after reports that the number of job vacancies in the United States fell to its lowest level in almost two years in February, while orders factory also lowered.
The rebound in oil prices this week following a surprise production cut by OPEC+ has helped gold, traditionally seen as the preferred hedge against inflation, shake off the usual pressure of the likelihood of rate hikes. interest.