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Gold set for best year in three on hopes for Fed rate cuts
Gold prices were set on Friday for their best year in three, as expectations grew for U.S. interest rate cuts early next year and the war in Ukraine and tensions in the Middle East lifted safe-haven demand. Spot gold was up 0.2% at $2,069.80 per ounce, as of 0350 GMT. It has risen 14% so far this year, heading for its biggest annual gain since 2020. U.S. gold futures fell 0.2% to $2,079.10 per ounce. “Gold prices seem to end the year near current levels, while the main driver next year would be the timing and depth of Fed interest rate cuts,” said Ilya Spivak, head of global macro at Tastylive. Bets for rate cuts ... (full story)