Gold Rises for 4th Session
Gold rose near $2,660 an ounce on Friday, rising for a fourth straight session, supported by a weaker U.S. dollar and rising geopolitical tensions.
Reports showed President Vladimir Putin warned of a potential new attack on Ukraine using nuclear-capable ballistic missiles, following Moscow’s recent large-scale attacks on critical energy infrastructure.
The precious metal is expected to fall more than 2% for the week, as markets await further U.S. data for additional insight into the Federal Reserve’s monetary policy outlook.
Earlier this week, core PCE prices in October matched expectations, leading investors to anticipate another Fed rate cut in December.
However, other data pointed to a resilient economy, reinforcing expectations that the Fed will take a cautious approach next year. Gold is expected to decline for the first time since June this month.
Source: Trading Economics
