Gold was headed on Friday for its biggest weekly gain in more than three months as it steadied near a nine-year high, benefiting from a weak dollar and inflation expectations due to stimulus for virus-battered economies.
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. Picture taken June 19, 2017. REUTERS/Edgar Su/Files
Spot gold was little changed at $1,885.32 per ounce by 0559 GMT, having hit its highest since September 2011 at $1,897.16 on Thursday. “The basic logic has to do with the introduction of further fiscal stimulus... in the European Union, and we’re talking again about further fiscal stimulus in the United States,” said DailyFx currency strategist Ilya Spivak.Gold tends to benefit from widespread stimulus measures from central banks as it is perceived as a hedge against inflation and currency debasement.
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