UNITED STATES (OBSERVATORY) – Gold prices rose on Friday, marking the second straight week of gains, as uncertainty over a possible Western military action in Syria continues.
US President Donald Trump and his national security aides have discussed options on Syria, which has threatened to launch missile strikes in response to a suspected poison gas attack, while a Russian envoy has expressed fears of a wider conflict between Washington and Moscow.
But Trump raised doubts about the timing of his threat by saying in an e-mail on Thursday that the attack on Syria “may be very close and may not be at all.”
Gold is usually used as a store of value in times of political and financial uncertainty.
Spot gold rose 0.73 percent to $ 1344.89 an ounce, ending the week with gains of 1 percent.
US gold futures for June delivery rose 0.5 percent to settle at $ 1347.90 an ounce.
Global stock markets rebounded after a sell-off triggered by rising trade tensions.
Among other precious metals, spot silver rose 1.4 percent to $ 16.65 an ounce, ending the week with gains of about 2 percent.
Platinum rose 0.44 percent to $ 929.10 an ounce, gaining 1.7 percent over the week, the biggest increase in nearly two months.
Palladium jumped 2.25 percent to $ 985.70 an ounce after hitting a three-week high of $ 990.50. The palladium ends the week with gains of 9 percent, the largest since January 2017.