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Gold prices set for weekly gain on Fed rate-cut bets

From nasdaq.com

Gold prices inched down on Friday but stayed on track for a weekly gain, as prospects of the U.S. Federal Reserve lowering borrowing costs dented the dollar and Treasury yields, boosting demand for the safe-haven asset. Spot gold XAU= was down 0.1% at $2,033.29 per ounce, as of 0113 GMT. However, bullion has risen 1.5% so far this week. U.S. gold futures GCcv1 edged 0.1% higher to $2,047.60. * The Fed left interest rates unchanged on Wednesday and Chair Jerome Powell said the historic tightening of monetary policy is likely over, with a discussion of cuts in borrowing costs coming "into view". * Fed officials ... (full story)

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  • Category: Fundamental Analysis