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Gold set for fourth weekly gain on soft US data, Fed rate outlook
Gold prices rose on Friday and were set for a fourth consecutive weekly gain, as mounting concerns over a weakening U.S. labour market eclipsed inflation worries ahead of a widely expected Federal Reserve rate cut next week. Spot gold was up 0.5% at $3,651.92 per ounce, as of 0609 GMT. The contract hovered near a record high of $3,673.95 touched on Tuesday. Bullion has gained 1.8% so far this week. U.S. gold futures for December delivery were up 0.5% at $3,690.30. “Now the market is looking for a high chance of at least three interest rate cuts before 2025 ends, which is much more than earlier projections from two ... (full story)
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