Gold prices set for second weekly gain on Fed rate-cut optimism

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Spot gold was up 0.1% at $2,379.14 per ounce

Esraa Esmail, WAM (Emirates News Agency)

May 17, 2024

PHOTO

WORLD CAPITALS - Gold prices appeared set for a second consecutive weekly gain on Friday, after recent US inflation data fuelled expectations that the Federal Reserve could cut interest rates this year, Reuters reported.

Spot gold was up 0.1% at $2,379.14 per ounce, as of 0236 GMT. Bullion prices have gained 0.7% so far this week.

US gold futures were flat at $2,383.20, Reuters added.

Spot silver fell 0.2% to $29.53 per ounce after hitting an over three-year high in the previous session, and palladium dropped 1.1% to $982.77.

Platinum rose 0.3% to $1,060.15, after hitting its highest levels since 12th May 2023 in the previous session. The metal has gained about 7% so far for the week.

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