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Gold poised for third weekly gain on Fed rate cut bets
Gold held firm near a five-week high on Friday and was set for a third straight week of gains, as US inflation data released earlier this week raised expectation that the Federal Reserve might cut interest rates further this year. Spot gold was flat at $2,715.09 per ounce, as of 0332 GMT. Bullion has gained about 1% so far this week. US gold futures slipped 0.1% to $2,746.90. On Thursday, gold rose more than 1% to hit its highest since Dec. 12 after a slew of US economic data pressured Treasury yields further. Gold has been supported by weakness in the dollar after inflation data this week sided with rate-cut ... (full story)