Gold Slips, But Set for Weekly Rise on Potential US Fed Rate Cut
Gold prices fell on Friday after bullion hit a more than five-week high in the previous session and as the U.S. dollar gained, but prices were on track for a weekly rise on expectations of a Federal Reserve rate cut next week.
Spot gold was down 1.1% at $2,652.29 per ounce at 01:43 p.m. ET (1843 GMT), as the U.S. dollar was steady at its highest in more than two weeks.
Bullion hit its highest since Nov. 6 on Thursday, and has risen over 0.8% so far for the week.
U.S. gold futures settled 1.2% lower at $2,675.80.
"Gold had an explosive year and we're getting into the tail end of the year which might see some unwinding going into the last few weeks, but I think that's going to be short-lived and believe that gold is going to continue to move much higher," said Daniel Pavilonis, senior market strategist at RJO Futures.
Underpinned by easing monetary policies, robust central bank buying, and safe-haven demand, gold has shattered multiple record peaks this year.
Source : Reuters
