WASHINGTON (dpa-AFX) - Gold prices climbed higher on Friday on safe-haven buying amid persisting worries about geopolitical tensions and continued uncertainty about global economic outlook, and the upcoming U.S. elections.
A weaker dollar aided the yellow metal's climb. The dollar index dropped to 103.46 before recovering slightly to 143.51, still down in negative territory with a loss of about 0.3%.
Gold futures for October ended up by $22.70 or about 0.84% at $2,713.70 an ounce.
Gold futures gained $56.10 or about 2.1% in the week, the sixth straight weekly rise, and the largest one week surge in percentage as well as absolute terms since mid September.
Silver futures for October closed up $1.459 or 4.6% at $33.032 an ounce, a 52-week closing high. Silver futures gained $1.5120 or 4.8% in the week.
Copper futures for October climbed to $4.3390 per pound, gaining $0.0525 or 1.22%.
Geopolitical tensions intensified after Hamas leader Yahya Sinwar was killed during an operation by Israeli soldiers in the Palestinian enclave on Wednesday.
Lebanon's Hezbollah militant group said today it was moving to a new and escalating phase in its war against Israel while Iran said 'the spirit of resistance will be strengthened'.
In U.S. economic news, data from the Commerce Department said housing starts fell by 0.5% to an annual rate of 1.354 million in September after spiking by 7.8% to a revised rate of 1.361 million in August. Economists had expected housing starts to dip by 0.4% to an annual rate of 1.350 million from the 1.356 million originally reported for the previous month.
The report also showed a sharp pullback by building permits, which tumbled by 2.9% to an annual rate of 1.428 million in September after surging by 4.6% to a revised rate of 1.470 million in August.
Building permits, an indicator of future housing demand, were expected to slump by 1% to an annual rate of 1.460 million from the 1.475 million originally reported for the previous month.
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