The premium closed higher due to the weakness of the US dollar and the shift in Fed policy.

SMM: COMEX futures closed higher on Friday and recorded weekly gains as the dollar weakened and the Federal Reserve hinted that it would adopt a long-term low interest rate strategy.

Monthly gold futures in COMEX12, the most actively traded, rose $42.30, or 2.2%, to settle at $1974.90 an ounce at 13:30 in New York.

The dollar resumed its decline against a basket of currencies after Federal Reserve Chairman Colin Powell spoke at an online meeting in Jackson Hole. Mr Powell said the fed would seek to keep the average inflation rate at 2 per cent for a period of time, meaning that inflation was above 2 per cent "for a period of time" and the impact of inflation below 2 per cent for a period of time.

"the sharp fall in the dollar has supported gold," said DavidMadden, a market analyst at CMCMarketsUK.

The Fed says it can push inflation above its 2 per cent target for some time, as if they will maintain an extremely loose monetary policy, which should help gold. "

On the one hand, central banks and governments around the world have injected large-scale stimulus measures into the market to boost the economies of countries hit hard by the coronavirus and push gold prices up sharply this year.

Gold futures are up 1.4% this week, while silver futures are up nearly 4%.

GeorgeGero, manager of RBCWealthManagement, said gold was still seen as an excellent safe haven, as did silver because of concerns about the global economy, the novel coronavirus epidemic and new problems such as the resignation of Japanese Prime Minister Shinzo Abe. This leads to the emergence of more asset allocation, so 2000 dollars

Gold and $30 silver are just around the corner.

For other precious metals, September silver futures rose 59.2 cents to settle at $27.790 an ounce.

October platinum futures rose $11.90 to settle at $940.0 an ounce.

December palladium futures rose $41. 00 to settle at $2231.50 an ounce.

In addition, COMEX12 copper for monthly delivery closed up 2.90 cents at $3.0195 a pound.

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