Gold headed for a weekly gain in a market dominated by the Federal Reserve’s strongest indications yet that it will pivot to easing monetary policy next year.
The precious metal surged 2.4% on Wednesday when officials at the US central bank said they expect to cut rates by 75 basis points next year, which would be positive for the non-interest bearing metal. Economists at some of Wall Street’s biggest banks are now calling for the Fed to ease policy earlier and faster.
Bullion — which hit a record high earlier this month — eased slightly on Friday after two days of gains, impacted by rising Treasury yields.
Gold, on track for a 1.4% increase for the week, was 0.2% lower on Friday at $2,033.12 an ounce as of 9:02 a.m. in Singapore. The Bloomberg Dollar Spot Index rose 0.1%. Silver and palladium declined, while platinum was little changed.
Source : Bloomberg
