Gold erased early losses to trade slightly higher on Friday and was headed for its biggest monthly gain in over three years as concerns about a slowdown in global growth and hopes for rate cuts by central banks worldwide boosted safe-haven bids.
Spot gold had gained 0.2% to $1,530.60 per ounce by 0637 GMT and was set for a more than 8% gain for the month, its biggest since June 2016.
U.S. gold futures were up 0.3% at $1,540.80.
Spot silver gained 0.8% to $18.39 per ounce, after matching a high last seen in April 2017 on Thursday. It was set to post its biggest monthly gain since June 2016.
“Markets are waiting for the next step in terms of trade talks between U.S. and China. Until then, uncertainties continue to be fairly supportive for safe-haven assets, particularly precious metals,” ING analyst Warren Patterson said.
“If you look at the gold-silver ratio, silver is still relatively cheap. It looks like it still has some more room to move higher,” Patterson said.
Platinum rose 1% to $925 an ounce, after touching its highest since April 2018 in the previous session. It was up over 7% so far this month, en route its biggest monthly gain since January 2018.
Be aware of the latest market news with Zonders!
Make money here and now!