PRECIOUS-Gold drifts higher; platinum at highest in over a decade
By Anushree Mukherjee
July 18 (Reuters) - Gold prices firmed on Friday on a weaker dollar and persistent geopolitical tensions, though easing concerns about the U.S. Federal Reserve's independence, and strong U.S. data capped gains.
Spot gold XAU= was up 0.4% at $3,350.87 per ounce, as of 1013 GMT, after falling 1.1% in the previous session. The bullion has receded 0.1% so far this week.
U.S. gold futures GCcv1 rose 0.3% to $3,356.70.
The dollar .DXY was down 0.4% for the day, though headed for a second straight weekly rise. A weaker dollar tends to make gold cheaper for buyers holding other currencies. USD/
The European Union agreed to an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to its oil and energy industry.
"Gold is rising on the softer US dollar, yet remains hemmed in by this week’s U.S. data releases which buffered the notion that the world’s largest economy remains resilient," said Han Tan, chief market analyst at Nemo.Money.
"New EU sanctions on Russia are a reminder to market participants that geopolitical risks remain evident on the global stag."
Earlier in the week, a source told Reuters that U.S. President Donald Trump was open to firing Fed Chair Powell. Trump later said he doesn’t plan to sack Powell but renewed his criticism over the Fed's interest rate policy.
Meanwhile, U.S. retail sales in June exceeded expectations, while initial jobless claims too were better.
"In precious metals, the carnival has moved on from safe-haven gold to silver, platinum and palladium as pro-growth, industrial alternatives," said Adrian Ash, head of research at online marketplace BullionVault.
Spot platinum XPT= rose 0.3% to $1,461.77 per ounce, its highest since August 2014.
Palladium XPD= climbed 4% to $1,329.88, its highest since August 2023. Silver XAG= was up 0.5% at $38.31.
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