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Gold marks fifth weekly profit in row
AI Summary
- Gold prices rose for the fifth consecutive week despite a strengthening dollar, with spot gold reaching $1,717.9 per ounce.
- Neel Kashkari and James Bullard both support the Federal Reserve's decision to cut interest rates by 25 basis points, with Bullard predicting two more cuts totaling 50 basis points by the end of the year.
- The US dollar index rose by 0.3% to 97.6 points, hitting a high of 97.8 points and a low of 97.2 points.
Gold prices rose during Friday’s trading despite the dollar strengthening against most major currencies, with the precious metal recording gains for the fifth consecutive week as markets focused on the Federal Reserve’s monetary policy path.
Neel Kashkari, President of the Minneapolis Federal Reserve, praised the central bank’s decision earlier this week to cut interest rates by 25 basis points, saying that similar cuts at the final two meetings of this year would be appropriate.
Former Fed member James Bullard also stated that the 25-basis-point rate cut was a good step and expects two additional cuts totaling 50 basis points before the end of the year.
Meanwhile, the US dollar index rose by 0.3% to 97.6 points at 20:08 GMT, hitting a high of 97.8 points and a low of 97.2 points.
As for trading, spot gold rose by 1.1% to $3,717.9 per ounce at 20:09 GMT, with the precious metal gaining 0.5% this week.
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