SINGAPORE (Commodity Online) : Gold is set to end the week again on top as the greenback dropped while euro zone debt worries continued to support it.
Silver is also heading for a higher finish this week as the dollar index gave up more ground on Friday, extending losses from the previous session.
Analysts said positive US economic reports and mounting worries about euro zone debt default, especially that of Greece’s prompted buying from investors.
Gold for June delivery rose $2.30 to $1,525.10 an ounce, while gold for August delivery advanced $2.20 to $1,525.90 an ounce. Gold touched a record around $1,575 in early May.
July silver rose for 35 cents to $37.69 an ounce after hitting a high around $38.
It had rallied to a two-week high at $38.84 on Thursday before hitting a low around
$36 as speculators booked profits. Silver struck record at $49.51 an ounce in April
The gold-silver ratio, used to measure how many ounces of silver can buy one ounce of gold, was at about 40 after falling to around 31 in late April, its weakest since early 1980s.
On Thursday, gold futures settled lower, snapping a four-session winning streak amid low volumes and some profit-taking.
Gold for June delivery lost $3.90, or 0.3%, to $1,522.80 an ounce on the Comex division of the New York Mercantile Exchange.
Gold for August delivery the contract with the most open interest, declined $4.10 to $1,523.70 an ounce
