Sharjah 24 – BNA: Gold prices were on track for a third consecutive weekly gain on Friday, underpinned by hopes that the U.S. Federal Reserve will pause interest rate hikes after its July meeting.
Spot gold was up 0.1% at $1,970.69 per ounce, as of 0615 GMT, rising 0.7% so far this week, reports Reuters.
On Thursday, the metal slipped from a two-month high as the dollar and bond yields climbed on stronger-than-expected U.S. labour market data. U.S. gold futures rose 0.1% to $1,972.80.
Gold prices have been supported by expectation that the Fed would increase rates for the last time next week in its current tightening cycle.
Gold is seeing some “pre-positioning ahead of next week’s FOMC (Federal Open Market Committee) meeting,” said Ilya Spivak, head of global macro at Tastylive, highlighting that the Fed had earlier signalled against easing rates in the near-term.
The dollar index slipped 0.1%, but was headed for a weekly rise, while benchmark U.S. Treasury yields were higher.
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