Gold restores safe-haven status

The Gold prices were traded slightly higher on Friday following Thursday’s rally.

The Gold market weakened a bit but got better as the gold prices traded slightly higher on Friday according to US economic reports released on Thursday morning. Compared to a raw commodity, the reports indicate the metal would act as a safe-haven asset.

The prices at which the yellow metal were being traded on Friday following Thursday sell-off, pushed them back to the $1,400 level ,restoring the safe-haven status for the investors ,while the weak US dollar helped rising the metal again.
Gold was traded flat, with up to 0.18% to $1,394.40 per troy ounce, while silver traded higher, profiting 0.16% to $22.545 per troy ounce.

Investors traded over 400 metric tons valued an estimate $21bn from the exchange-traded products this year.

The Chief Executive of Barrick Gold Corp. (ABX) Jamie Sokalsky said the mine company is considering shrinking in size to focus on returns over production volumes.

The U.S Mint sold about 209.500 ounces last month, compared to March sales of 62,000 ounces. Sales this month summed up to approximately 52,000 ounces. The expansion of Central banks reserves may also boost the demand for bullion.

The S&P GSCI estimate of raw materials dropped by 2.6% .The CFTC reports  indicates the Hedge fund wagers on higher prices across 18 commodities are close to 33% lower than the five-year average .