Gold prices appear to be headed today, Friday, to achieve gains for the second week in a row after recently released US inflation data reinforced expectations that the Federal Reserve (the US central bank) will proceed with reducing interest rates this year.
Gold rose in spot transactions 0.1 percent to $2,379.14 per ounce by 0236 GMT, and is on track to record a 0.7 percent rise so far this week. US gold futures settled at $2,383.20.
The dollar index has fallen 0.6 percent since the beginning of the week until now against competing currencies, making gold less expensive for holders of other currencies.
Regarding other precious metals, silver fell in spot transactions by 0.2 percent to $29.53 per ounce after recording the highest level in more than three years in the previous session. Palladium also fell 1.1 percent to $982.77.
Platinum rose 0.3 percent to $1,060.15, after recording its highest levels since May 12, 2023 in the previous session. The metal has increased about seven percent since the beginning of the week.
#Gold #heading #gains #week