Gold Pushes Back over US$1,700 Falling Equities Prompt buys COMMODITIES: Gold Pushes Back Above US$1,700 as Falling Equities Prompt Safe Haven Buying
02:06 PM EDT, 05/01/2020 (MT Newswires) -- Gold prices rose for the first time in six sessions on Friday as weaker equities prompted investors to move the metal's safe haven.
Gold for June delivery closed up US$6.70 to US$1,700.90 in Comex trading.
Gold has risen by nearly a third over the past year, supported by interest rate cuts and liquidity measures introduced by central banks to support their economies amid Covid-19 quarantines.
U.S. stocks were weaker ahead of the weekend with the Dow Jones Industrial Average last seen down 2.7%.
The U.S. dollar rose, making gold more expensive for international buyers. The ICE dollar index was last seen up 0.02 points to 99.03.