Gold climbed about 1% to above $2,660
Gold climbed about 1% to above $2,660 per ounce on Friday, rising for the fourth straight session, supported by a softer US dollar and rising geopolitical tensions. Reports indicated that President Putin warned of a potential nuclear-capable missile strike on Ukraine, while Israel and Hezbollah accused each other of breaching the ceasefire just a day after it took effect.
Still, the metal is set to decline around 2% for the week, as markets awaited further US data for additional insights into the Federal Reserve's monetary policy outlook. Earlier this week, core PCE prices in October met expectations, keeping investors anticipating another Fed rate cut in December. Yet, other data pointed to a resilient economy, reinforcing expectations that the Fed will adopt a cautious approach next year. Over the month, gold is set to decline for the first time since June.(Cay)
Source: Trading economi