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Gold Steadies Despite Rate Hike Headwinds, set for Flat Week
Gold prices steadied on Friday, and were set to end the week largely unchanged as selling pressure from a hawkish Federal Reserve appeared to have eased. Bullion prices showed surprising resilience this week after the Fed hiked rates and struck a more hawkish tone than many were expecting, with U.S. interest rates now set to end the year well above 4%, But prices of the yellow metal were still trading well below $1,700- a key support level they lost this week. This also spurred some bargain hunting for gold. Spot gold was largely unchanged around $1,672.37 an ounce, while gold futures held around $1,680 an ounce at ... (full story)