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Gold is heading higher for a second week as concerns over Syria continue

UNITED STATES (OBSERVATORY) –¬†Gold prices rose on Friday and are heading for gains for the second week as investors accept safe havens amid security tensions over Syria.

US President Donald Trump and his national security aides have been discussing options on Syria, which has threatened to launch missile strikes in retaliation for a suspected poison gas attack, while a Russian envoy has raised concerns over the widening conflict between Washington and Moscow.

But Trump raised doubts about the timing of his threat of a strike in Syria on Thursday by a glee that said the attack on Syria “may be very close and may not be.”

Gold is usually used as a store of value in times of political and financial uncertainty.

By 0930 GMT, spot gold rose 0.4 percent to $ 1,340.79 an ounce and headed for a weekly rise of about half a percent. Gold settled in US futures contracts at $ 1343.70 an ounce.

Global stocks are poised for the biggest weekly gain in more than a month as investors ignore tensions as the dollar falls, boosting commodities.

Among other precious metals, spot silver rose 0.7 percent to $ 16.54 an ounce, and more than 1 percent since the beginning of the week.

Platinum rose 0.8 percent to $ 931.902 an ounce. The metal is heading up more than 1 percent during the week, the biggest increase in nearly two months.

Palladium rose 1.3 percent to $ 976.10 an ounce and is heading up 8 percent this week in its best performance since January 2017.