Gold prices were flat on Friday but are set for their biggest weekly gain in nearly two months.
Bars of gold are seen at the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023.Gold prices were flat on Friday but are set for their biggest weekly gain in nearly two months, as hopes of a pause in the U.S. Federal Reserve's interest rate hike cycle and banking worries in the country bolstered the safe-haven metal's appeal.was little changed at $2,050.63 per ounce as of 0349 GMT, but was up 3% for the week. U.S.
On Thursday, prices jumped to $2,072.19, just shy of a record high of $2,072.49 hit in 2020, after the Fed signaled a likely"Given the reminder that the Fed is data-dependent and not considering cutting rates this year, traders will actively seek weak data from the U.S. to justify potential cuts," said Matt Simpson, a senior market analyst at City Index.
Mounting risks to the U.S. economy have also supported strong investor demand into gold as they sought haven assets, ANZ said in a note.was set for a weekly drop, making gold more attractive for overseas buyers."We expect dollar bears to bounce at the whiff of soft employment data, which could send gold higher... A strong report could be a concern for gold bulls," City Index's Simpson said.
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