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Gold leaps to near all time-high, set for weekly gain

Gold prices soared to near threemonth highs on Friday and were on track for a fourth straight weekly gain as unpredictability about U.S. President Donald Trump's trade plans took the wind out of the dollar's sail, enhancing need for safehaven bullion.

Area gold leapt 0.8% to $2,774.49 per ounce since 0255 GMT and has actually gotten more than 2% up until now today. Earlier in the day, costs rose to $2,777.10, the highest because Oct. 31, when they struck a record $2,790.15.

U.S. gold futures climbed up 0.6% to $2,781.80.

The dollar is down more than 1% on the week, headed for its worst weekly fall in two months, making bullion less costly for foreign purchasers.

The dollar slipped after Trump spoke against market expectations ... This drop comes as he has actually avoided executing aggressive tariffs following his inauguration, stated Jigar Trivedi, senior expert at Dependence Securities.

Trump required an immediate drop in rates of interest and provided no clearness on tariffs, while investors awaited a round of policy statements from global reserve banks.

The lack of clarity about future policies has led market participants flocking to safe-haven properties such as gold to hedge versus volatility.

In other places, the Bank of Japan is extensively expected to raise rates at the end of a two-day conference on Friday. Rate decisions from the U.S. Federal Reserve and European Central Bank (ECB). are scheduled for next Wednesday and Thursday, respectively.

Traders see almost no possibility of a Fed rate hike, according. to the CME Group's FedWatch Tool. Greater rates dampen the appeal. of the non-yielding bullion.

Next week, There is a possibility of gold striking an. all-time high ... and the outlook remains positive, Trivedi. stated.

Area silver was up 1.1% at $30.78 per ounce,. palladium acquired 0.6% to $997 and platinum increased 1%. to 952.75.

All of the three metals were poised for weekly gains.

(source: Reuters)