Gold is up 7.5 percent this year, reaching an all-time high of $1,577.57 an ounce on May 2, as investors seek precious metals as a protection of wealth against rising inflation and currency debasement.
Slowing economic growth generates “political panic,” which in turn leads to stimulus incentives, Monty Guild, chief executive officer at Guild Investment Management Inc, wrote in a note. “Look for another major rally in gold, oil, commodities and stocks,” Guild said.
Cash silver declined 0.7 percent to $35.32 an ounce after ending last week at $36.1825. Spot palladium gained 0.4 percent to $760.50 an ounce, trimming its weekly loss to 6.4 percent. Platinum rose 0.4 percent to $1,765.75 an ounce, reducing this week’s loss to 3.7 percent.
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