Safe-haven demand lifts gold at end of volatile week

Gold prices revived late last week as the dollar softened and uncertainty about the US government shutdown added to safe-haven demand, while Wall Street indices posted weekly declines.

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The afternoon fixing on Friday in London was $3,994.10 an ounce, compared with $4,011.50 a week earlier. Thai selling prices were quoted at 61,400 baht per baht-weight (15.2 grammes), unchanged from the previous week. Gold fell as low as $3,950 on Tuesday.

“The recent price action technically suggests we may be putting in a floor underneath gold and silver prices,” said Jim Wyckoff, senior analyst at Kitco Metals.