2023-06-02 06:20:00
Amid hopes that the US interest rate hike will stop
Today, Friday, gold prices are heading for their biggest weekly gain in nearly two months, as dollar weakness and hopes that the Federal Reserve will stop raising interest rates boosted the yellow metal’s attractiveness.
Gold prices settled in spot transactions at $ 1979.24 an ounce by 04:57 GMT. US gold futures contracts were little changed, recording $1,996.60.
Gold rose 1.7% this week, heading for its best week since the week ending on April 7, according to Archyde.com.
Marex metals analyst, Edward Meir, said gold market sentiment remains positive and prices might move slightly higher as the Federal Reserve (the US central bank) is not expected to raise interest rates in June.
The dollar index fell to its lowest level in a week, making gold less expensive for buyers of other currencies.
As for other precious metals, spot silver fell 0.1% to $23.92 an ounce, but rose 2.7% during the week.
Platinum settled at $1006.76, and palladium increased 0.3% to $1399.02, and the two metals are on their way to incur weekly losses.
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